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Vechain Price Forecast: VET is ready for a quick jump to $0.05 if key level holds

  • Vechain price must continue to hold a critical support level to see a bullish reversal.
  • VET has been trading in a tightening range while trading volume declines.
  • A significant move is underway according to several indicators.
Vechain Price Forecast: VET is ready for a quick jump to $0.05 if key level holds
Lorenzo StroeLorenzo StroeIndependent Analyst

Vechain had a significant rebound already climbing by more than 35% since its low of $0.0346. VET managed to climb above a critical resistance level which is now acting as a robust support point. The next potential price target for the bulls would be $0.05.

Vechain price aims for $0.05 after holding key level 

On the 6-hour chart, Vechain price climbed above the 100-SMA, currently located at $0.041, and managed to hold this level several candlesticks in a row. The trading volume of VET has dropped significantly in the past 24 hours, which indicates a major move is underway. 

vet price

VET/USD 6-hour chart

The next resistance point is the high of February 24 at $0.0465. A breakout above this level should swiftly push Vechain price towards the 50-SMA at $0.05. Turning this level into a support could drive Vechain towards $0.06 in the near future.

However, if the 100-SMA fails to hold, VET would be poised for a dive towards the 200-SMA support level established currently at around $0.035.

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

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