Tanya Abrosimova
Independent Analyst
- VeChain extended the recovery from the intraday low during European hours.
- VET/USD is well-positioned for the further upside as long as it stays above 1-hour SMA50.
VeChain (VET) is the 19th largest digital asset with the current market capitalization of $1.04 billion and an average daily trading volume of $188 million. The coin has gained nearly 5% on a day-to-day basis, which is the second-best result out of top-20 (the first place goes to Stellar that gained over 14% in the recent 24 hours). At the time of writing, VET/USD is changing hands at $0.0188.
VET/USD: Technical picture
VeChain has recovered from the decline caused by a major sell-off on the cryptocurrency market on Wednesday, July 15. The coin bottomed at $0.0169 and has been gaining ground ever since. The price hit the intraday high at $0.0190 before the profit-taking pushed the price towards the current level.
The initial support is created by the combination of 1-hour SMA50 and SMA100. The short-term VET's trend remains bullish as long as it stays above this barrier. Once it is broken, the sell-off may be extended towards $0.0172, which is the lower boundary of the recent consolidation channel.
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 4-hour chart
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