VeChain Price Forecast: VET/USD spikes consistently in minutes eyeing $0.02

VeChain is in the middle of a recovery move after falling victim to the bearish pressure across the cryptocurrency market on Wednesday. The cryptoasset seems to have engaged forward gears during the Asian session on Friday. Its price is teetering at $0.01798 at the time of writing. The immediate upside is capped by the 50 SMA as seen in the hourly range.

Despite the recovery, VeChain is not entirely out of danger. Technical signals after studying both the RSI and the MACD hint that selling activity is still present. For instance, the MACD is stuck in the negative region. In addition, there is a bearish divergence from the MACD which highlights the stronger seller grip.

The RSI, on the other hand, is below the midline. The indicator has managed to correct from the slopping movement. As long as the RSI holds above 45, VeChain bulls will have an opportunity to focus on higher levels at $0.02.

In other words, initial support at $0.01760 is key to the ongoing recovery. A break above the descending trendline resistance would catapult VET/USD past $0.02. Farther down, the main key support range is seen in the range between $0.015 and $0.016.

VET/USD 240’ chart