VeChain price still eyes $0.20 as VET bulls continue defending critical support
- VeChain price looks north despite the reversal from half-yearly highs.
- VET bulls remain hopeful while above the key $0.1490 support.
- VET’s path of least resistance appears to the upside amid bullish RSI.
VeChain price has entered a phase of bullish consolidation following a pullback from six-month highs of $0.1898, as VET buyers catch a breather before contemplating the next leg higher.
Despite the recent listless performance in VeChain price, bulls remain motivated by the upbeat forecasts from the industry experts.
Lately, Justin Bennet, a cryptocurrency analyst, tweeted out that “#Bitcoin above $65,000 = $1.60 $VET by December, IMO. If December peaks short of that and the cycle runs until March 2022, #VET is likely in the $2 - $3 range.”
The sentiment around VeChain also remains underpinned by its increased adoption, as a growing list of apps has been developed using the VeChainThor public blockchain. Markets opine that VeChain’s blockchain technology is built to solve real-world problems, especially in the face of a supply chain crisis grappling with the global economy.
VeChain price yearns for acceptance above $0.1650
VeChain’s daily chart shows that VET price is struggling to build on Saturday’s minor rebound, as sellers continue to lurk near $0.1650.
A firm break above the latter could revive the bullish interests, helping kickstart a fresh upswing towards the six-month highs.
The next stop for VET bulls will be seen at the $0.20 round figure. Further up, VET optimists could challenge the levels not seen since May 12 at around $0.22.
The 14-day Relative Strength Index (RSI) is trading flat, at the time of writing, explaining the ongoing side trend in the coin. Although, the risks remain skewed to the upside, as the leading indicator continues to sit above the 50.00 level.
VET/USD: Daily chart
VeChain’s bullish potential will likely remain intact so long as the price manages to hold above the critical support around $0.1490, where the recent range lows coincide with the 21-Daily Moving Average (DMA) and the rising trendline support.
If the latter gives way on a daily closing basis, then a steep drop towards the bullish 50-DMA at $0.1277 will be on VET sellers’ radars.
A dense cluster of healthy support levels around $0.12 aligns further south, which comprises the 100 and 200-DMAs.
All in all, the path of least resistance for VET price appears to the upside.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
