In the past 24 hours, the price of Vechain has been trading below $0.22. This is, of course, a far cry from $2,000+ in January. But it’s not really surprising. In the past 48 hours, the entire cryptocurrency market has continued to decline, with Bitcoin losing almost 10%, Ethereum dropping by around 6%, and XRP suffering a 4% setback. It’s also interesting to note that Vechain hasn’t been able to break $0.22 since March. It’s likely that the next time Vechain can break $0.22 will be April 22.
After a roller-coaster of days, the Vechain price is tumbling down and is now preparing for another attempt to break through $0.22. (Asking a reporter to come up with a sentence that makes sense).
Summary of the situation
- VET fails to break through resistance at $0.22.
- The closest support is at $0.205.
- The next big target is $0.27.
Today’s price forecast for Vechain is bullish as the price continues to rise. Resistance at $0.22 still exists, which means we will likely see another pullback in VeChain before it starts rising again next week.
Crypto currency heatmap. Source: Coin360
The overall market continues to evolve with mixed results. Bitcoin lost 1.5 percent, while Ethereum rose 1.66 percent. Vechain (VET) and Uniswap (UNI) were among the best performers, growing by more than 7%.
The VET/USD opened at $0.204 after a slightly bullish close yesterday following a relatively volatile session. After the opening, the market went up and tested the $0.22 resistance level. Since another rise was rejected fairly quickly, we can expect another pullback later today, from which the bulls will build a base to push VeChain’s price higher next week.
Price changes in Vechan in the last 24 hours
The ETV/USD exchange rate was trading in a range of $0.1947 – $0.2174, indicating moderate volatility. Trading volume rose nearly 40% in 24 hours to $2.3 billion. The total market size is $13.6 billion, which puts the cryptocurrency in 14th place overall.
4-hour chart VET/USD – VET consolidates below $0.22 with higher and higher lows
On the 4-hour chart, we can see that VET is slowly moving towards $0.22 over the last few hours, which means we could see a breakout today.
4 hour chart VET/USD. Source: TradingView
Overall, VeChain’s price momentum is back on the rise. After the market opens on the 17th. After reaching a new all-time high of $0.28 in April, it initially fell nearly 40% before finding support around $0.18-0.19.
After that, the VET/USD made two more attempts to rise. However, the bears regained the upper hand, leading to a further drop of about 40% to the $0.15-$0.16 support. VeChain recovered most of its losses and reached a record high on the 23rd. April at $0.205. In the following days, the market marked a much higher low at $0.16, signaling the end of bearish momentum.
On the 26th. In April, the price of VeChain began to rise again. Resistance was found around the $0.22 level, meaning that a strong upper high has been established, meaning that the price action structure has turned bullish.
After hitting a new low around $0.185 at the end of April, the ETV/USD slowly started to rise. During the night, the $0.22 resistance was almost reached, but the bears quickly pushed the market back to $0.20. From there, VET began its current attempt to climb back up. If the bulls manage to maintain control, we expect resistance at $0.22 to be broken for good in the coming hours. A break above $0.22 would open a wide gap to the previous all-time high resistance zone around $0.27-0.28. So in this scenario, VeChain should make a good profit by the end of this month.
Vechain price forecast: Supplement
Vechain’s price outlook is bullish as the VET/USD pair continues to move higher in recent days after hitting a low around $0.195 yesterday. Currently, resistance at $0.22 is still in place. VeChain, however, is heading in that direction again. So we expect another higher high to be set in the next 24 hours.
While we wait for more VeChain price increases, read our latest guide on bitcoin futures and ETFs. To learn more about another great altcoin, check out our Bitcoin Gold review.
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