Tanya Abrosimova
Independent Analyst
- VeChain recovered the losses incurred on Monday.
- VET/USD is well-positioned for the further upside provided that it closes above $0.0180.
VeChain (VET) is the 19th largest digital asset with the current market capitalization of $1.04 billion and an average daily trading volume of $247 million. The coin has gained over 6% on a day-to-day basis and over 8.5% since the start of the day amid a major recovery on the cryptocurrency market, which is the best result out of top-20. At the time of writing, VET/USD is changing hands at $0.0180.
VET/USD: Technical picture
VeChain bottomed at $0.0159 during early Asian hours and recovered to the intraday high of $0.0182 ahead of the European opening. The coin has recovered all the losses incurred on Monday and now it is well-positioned to the further recover as the daily RSI points upwards.; however, we will need to see a daily close above at least $0.0180 to confirm the bullish scenario.
The local support is created by the middle line of the daily Bollinger Band at $0.0167. Once it is out of the way, the sell-off is likely to gain traction with the next focus on $0.0160 and the intraday low of $0.0159. On the upside, a sustainable move above $0.0190 is needed to open up the way towards psychological $0.02, followed by $0.0222, which is the recent recovery high reached on July 8.
VET/USD daily chart
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