The cryptocurrency market traded in the green during early Monday hours as bulls staged another classic comeback. VeChain (VET) has ticked higher since August 13 after flipping the MA 200 barrier at $0.1032 into support. At the time of writing, VeChain was trading at $0.133, up 12.73% in the last 24 hours and 35.51% weekly. Ranking 20th largest, VeChain has a present market cap of $8.99 billion and $1.23 billion in trade volume over the last 24 hours. VeChain’s native asset, VET has become one of the latest coins in Simplex’s suite of assets supported. On August 13, VeChain Foundation announced its partnership with SimplexCC, an EU-licensed financial institution, while sharing the latter’s tweet ”Thanks to our partnership with VeChainofficial, users from all over the world can now purchase $VET with debit/credit cards, #ApplePay, and bank transfers!”
Key Levels
Resistance Levels: $0.2170, $1.1800, $0.1551
Support Levels: $0.1300, $0.1011, $0.0800
VET/USD Daily ChartVeChain staged an upside rally over the past weeks, crossing above its MA 50 and 200 to touch highs at $0.144 on August 16. The near-term outlook has turned positive with a clear upside break needed above the $0.15 level. Near-term momentum indicators, on the other hand, suggest a pullback may be looming as The RSI has entered its overbought zone.
A potential pullback could stall initially at the immediate $0.1174 level before targeting the MA 200, currently at $0.1031. A bearish break may open the door for a retest of the MA 50 at $0.086, where a violation would turn the outlook back to neutral. On the flip side, if the bulls regain control, the next obstacle is $0.1551. If buyers pierce above it, that would reaffirm the bullish picture, paving the way for a test of $0.19 and $0.25 levels.
VET/USD 4-Hour ChartVET has been on a positive climb after the rebound on the $0.056 support barrier on July 21. The price rose to fresh highs during today’s trading session but is currently facing significant resistance near the $0.145 level.
If price action climbs above $0.145 (immediate resistance), there is scope to test $0.192 levels and then the $0.278 all-time highs.
On the flip side, if the pair fails to extend gains, a change in direction would shift the focus to the downside. The next support to watch is the $0.128 immediate barrier ahead of the moving averages 50 and 200 in the 4-hour chart at $0.115 and $0.087 respectively. In short, a decisive move above $0.1444 would yield further upsides, whereas a break back below $0.115 would turn the outlook to neutral, from cautiously positive now.
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