VeChain Price Prediction: VET Challenging Strong Resistance, but Could Pull Back to $0.03495

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The VeChain price soared more than 26% over the past 24 hours to trade at $0.04931 at press time.

VeChain Price Has the Support of a Medium-Term Trend Line

Daily chart for VET/USDT (Source: TradingView)

The VeChain price is attempting a challenge at the $0.04820 resistance level. If it manages to close a daily candle above this threshold today, it could have the foundation needed to continue rising in the next 48 hours. VET could subsequently rise to the next barrier at $0.05750.

On the other hand, failure to close today’s trading session above $0.04820 may trigger a wave of panic selling from traders. This could then put the VeChain price at risk of dropping to the immediate support level at $0.03495 in the following week. Continued sell pressure may even pull the altcoin’s value down to within the consolidation channel between $0.02935 and $0.03495.

Despite the potential threat that the VeChain price may correct in the coming week, there is a medium-term positive trend line that has formed on the altcoin’s daily chart over the past couple of weeks. This trend line could stay in effect for as long as VET remains above the middle level of the sideways channel, which is situated at around $0.03207.

Technicals Show Bulls Have the Upper Hand

Technical indicators on the crypto’s daily chart point to a continuation of VET’s positive trend in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.

The MACD line is breaking away above the MACD Signal line, which may be a sign that VET’s bullish trend is growing stronger. In addition to this, the RSI line is also rising above its Simple Moving Average (SMA) line. Traders generally see this as a signal that bulls are growing stronger against bears. However, the steep ascent of both technical indicators could be followed by a sharp drop soon, so traders may want to keep an eye out for any signs that VET’s bullish trend will turn bearish.

The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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