VeChain Price Prediction: VET looks to surge against mounting overhead pressure

  • VeChain price hints at a rally, but resistance barriers ahead could slow down its ascent.
  • Breaching the supply zone that runs from $0.228 to $0.245 will provide VET a relatively clear path.
  • A breakdown of $0.18 will invalidate the bullish outlook and kickstart a bearish descent.

VeChain price reveals a bullish momentum that could propel it higher, but the presence of resistance levels could greatly hinder its moves.

VeChain price on an arduous journey

VeChain price shows a non-volatile range-bound movement over the past 24 days. Despite producing higher highs and higher lows, indicating that the overall trend is bullish, VET looks to be in a consolidation phase.

Although the 50 and 100 six-hour Simple Moving Averages (SMA) are around roughly the same price level, $0.211, a move of the 50 SMA above the 100 SMA will indicate that the short-term bullish momentum is on the rise.

If this increased buying pressure results in a decisive break above the supply zone that extends from $0.228 to $0.245, it will be the first confirmation of an upswing. However, sustained trading at this level combined with a breakout above $0.266 will indicate that a bull rally has begun.

Under these circumstances, investors can expect VeChain price to surge nearly 15% to test the 161.8% Fibonacci extension level at $0.303.

If the buying pressure persists, VET could rise another 7.5% to tag the 200% Fibonacci extension level at $0.326.

VET/USDT 6-hour chart

VET/USDT 6-hour chart

While the upswing scenario has not evolved yet, investors need to be cautious of a downswing that breaks below the immediate support at $0.192. This move indicates that the consolidation is still in play.

A six-hour candlestick close below $0.18 will produce a lower low, invalidating the bullish thesis. In that case, VeChain price could drop roughly 10% to test the 200 six-hour SMA at $0.162.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP Price Prediction: Ripple fears of a major decline are unwarranted

XRP price remains locked in a range between the psychologically important $1.00 and the neckline of a multi-year inverse head-and-shoulders pattern at $0.76. However, a lack of technical ...

More Ripple news

BoE criticizes Bitcoin and touts potential CBDC would not be energy inefficient

The Bank of England is currently continuing its research on developing a central bank digital currency. The central bank’s director of fintech stated that it had not decided on whether a CBDC is needed.

More Cryptocurrencies News

Tezos price races higher on McLaren NFT expansion, but XTZ still faces hurdles

Tezos price has caught a bid today on the McLaren news, bouncing from the symmetrical triangle’s lower trend line, but the gain has not shifted the bearish bias of the charts. 

More Tezos news

SafeMoon price sheds weak hands, frees SAFEMOON to start new uptrend

SafeMoon price has quietly drifted into the 50 four-hour SMA following the explosive 50% gain into the June 15 high. The fundamental break with the suffocating descending channel has elevated the outlook for ...

More Shiba Inu News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast