- VET is trading at $0.0123 and sees a 9% price increase over the past 24 hours.
- Bulls are facing a robust resistance level to the upside found on several time frames.
Vechain, like the rest of the market, seems to be rebounding although still far away from its 2020-high at $0.0229, currently only trading at $0.0123. Over the past week, the digital asset gained around $125 million in market capitalization.
Vechain faces a critical resistance level before $0.016
It seems that Vechain is trading right at a healthy resistance level established at $0.0123 on several time frames. Both bulls and bears are keeping an eye on this level as a breakout or rejection would be significant.
VET/USD daily chart
The 50-SMA on the daily chart is located at $0.0123, which is the resistance level faced by Vechain bulls. It seems that despite the increasing trading volume, the price can’t cross above this price point for now. VET lost the 50-SMA as a support level on August 22.
VET/USD 12-hour chart
Similarly, on the 12-hour chart, the 100-SMA acting as the resistance level is also located at $0.0123. Considering both SMAs coincide in two different time frames, the $0.0123 is seen as a robust resistance level. Rejection from here will send VET towards the closest support level at $0.0115.
VET/USD 4-hour chart
However, transitioning into a shorter time frame like the 4-hour chart shows that bulls are in full control here. The price climbed above all three SMAs, and the MACD turned bullish, and it’s gaining momentum.
In conjunction with the bull move, the increasing trading volume shows a positive state for the digital asset. The breakout of the resistance level at $0.0123 has the potential to drive Vechain towards the next price target at $0.014.
Critical price levels for Vechain
Bears anticipate a rejection from a critical price level at $0.0123, which would most likely push VET down to $0.015. On the other hand, the successful breakout of the same level can drive the digital asset towards the price target of $0.014.
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