Although VeChain price has been declining against the USD, VET/USD found support above $0.185 and started to rebound. Vechain price currently trading at $0.190 and is likely to climb higher. There is a major bullish trend line formed on the 30-min chart (data feed via Binance) of VET/USD, which is currently at $0.193. The price could continue to move higher towards the $0.20 level or above $0.20. There could be a minor dip in the near term, but the price is likely to remain supported above $0.185.
At the time of writing, the vechain price is trading at $0.18, down from an intraday high of $0.21. The cryptocurrency’s price has been following a clear declining trend since the beginning of July, as the entire cryptocurrency market began to enter a bear market. The fact that the price has held stable at the $0.185 level, however, has put the bulls in an optimistic mood, with many forecasting a rally in the weeks to come.
Summary of the situation
- VET is pulling back from a high of $0.22.
- Support is at $0.185.
- The next major target is $0.27.
The price outlook for Vechain is bullish today, as the market suffered a pullback after marking a high and finding support around $0.185. Therefore, we expect VET/USD to move higher in the coming days as bulls look to break through resistance at $0.27.
Cryptocurrency Heatmap. Source: Coin360
The general market is in the green. Bitcoin is up 2.2 percent as it tries to get back above $55,000. Ethereum has fallen slightly in the last few hours and is trading unchanged. The best performer right now is Ripple, which is up nearly 17%.
VET/USD opened at $0.191 after falling over the past two days. After finding support around $0.185 yesterday, VET consolidated overnight until a slight upward push this morning. Now that the VET/USD pair has retreated to the 50-61.8 Fibonacci retracement zone, opening a long position offers a good risk/reward with a high probability of an upside move over the weekend.
Price changes in Vechan in the last 24 hours
The VET/USD exchange rate was in the range of $0.182 – $0.199, indicating good volatility. Trading volume increased 4.7% over 24 months to $2 billion. At the same time, the total market value is 12.5 billion, which puts the cryptocurrency in 14th place overall.
4 hour chart VET/USD – VET formed a high low at $0.185.
On the 4-hour chart, we see that VET has found support around $0.185 and in the area between 50-61.8 percent Fibonacci retracement.
VET/USD 4 hour chart. Source: TradingView
The overall rate is starting to recover after a sharp drop at the beginning of the month. After Vechain reached a new all-time high at $0.28, the market initially advanced to $0.17.
Then an equally strong rally pushed the market towards a retest of resistance around $0.27-$0.28. After a pullback and the establishment of a new higher low, the ETV/USD made a third attempt to break through the $0.27 level. Vechain’s continued upward momentum was halted, and on the 22nd and 23rd. A further sharp downtrend followed in April, resulting in losses of around 50% until support at $0.13 was briefly reached.
In the days that followed, VET/USD hit resistance at $0.205 and after consolidation pulled back to a low around $0.16. This was the first signal that the bearish momentum of the last few days is probably over.
On Monday, Vechain reached a much higher top of $0.22, confirming the return of bullish sentiment in price action. Vechain has fallen again in recent days to a high close to support at $0.185 and the 50-61.8 Fibonacci retracement zone.
Thanks to this, Vechain is set to expand in the coming days. It is likely that VET/USD will start the next upward wave over the weekend, meaning that the key resistance area of $0.27-$0.28 should be reached by the end of next week.
Vechain price forecast: Supplement
Vechain’s price outlook is bullish as the market has found solid support and recovered sufficiently from the previous rise. Therefore, the bulls should take over quickly and push Vechain to the next big target at $0.27.
In anticipation of Vechain’s continued price movement, check out our guide to crypto arbitrage tools. If you want to learn more about the leader in the Bitcoin market, check out our guides on Bitcoin wallets and ETFs.
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Frequently Asked Questions
Will a VeChain hit $10?
At the moment, the price of VeChain is $0.0065. If you had invested $100 in VeChain at the beginning of 2017, that $100 would be worth $7700 today. That is a growth of over 7,700% in the past year. If the price of VeChain grows by 7,700% in the next year, then it will reach $1.00. Of course, nobody knows whether the price of VeChain will grow, or even if VeChain will exist in a year’s time. In the last month, Vechain has expanded its partnerships to include the likes of PwC, Renault, and Microsoft. This past week alone, Vechain announced partnerships with BYD and DNV GL. Vechain has even released its own wallet, which goes a long way towards legitimizing the cryptocurrency. This past week alone, Vechain has gained over 50%. Meta
Does VeChain have a future?
The VeChain blockchain is a public blockchain platform that uses X-Node Proof of Authority (PoA) consensus. X-Node refers to VeChain’s network of trusted partners and ledger nodes. This means that members of X-Nodes are vetted by VeChain to ensure that the network remains secure and trusted. (The name X-Node comes from the first letter in the words “verify” and “trust”.) To be considered for an X-Node, applicants undergo a strict vetting process that requires them to present a range of information, including their identity, annual revenue, and a description of their business. X-Nodes are then periodically audited by VeChain. Nowadays, most of us are aware of cryptocurrencies, but if you still need a reminder, cryptocurrencies are digital representations of value that can be exchanged for goods and services. The most popular example, Bitcoin, increased over 1000% in value in just the first half of 2017. Trades are made using a cryptographic process known as blockchain, which keeps track of each transaction and typically, but not always, anonymizes the parties involved. VeChain is one of the latest cryptocurrencies to enter the market. It is an enterprise-focused blockchain + cryptocurrency designed to make it easier for companies to track their supply chain.
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