As June comes to a close, no doubt it has been a volatile month for crypto assets. Vechain (VET) staged a rebound from June 22 lows of $0.059 to reach highs of $0.094 today. Bulls are temporarily taking a breather on VET/USD as price prepares for the next major move. At the time of writing, VET was exchanging hands at $0.08, down by 2.5% in the last 24 hours. Ranking 22nd largest, VeChain has a present market cap of $5.59 billion and $812 million in trade volume over the last 24 hours. VeChain is marking 3 years since its mainnet launch. To celebrate this, VeChain and OceanEx are collaborating to hold VET CryptoFarm which will allow users to earn a 10% Annualized Expected Increase of VET Amount. On June 30, VeChain announced receiving an AAA Enterprise Credit Evaluation from CAPC, an entity under the Ministry of Civil Affairs, PRC China in the testimony of its expanding use case.
Key Levels
Resistance Levels: $0.1551, $0.1250, $0.1003
Support Levels: $0.0739, $0.0592, $0.0423
VET/USD Daily ChartVET is holding within a narrow range around the MA 200 (currently at $0.088) in early Wednesday trading but remains firm following the past four days’ rebound. Probes through the key near-term barrier at $0.095 beyond the MA 200 had failed to close above on the initial attempt. That said, the $0.088 level (the MA 200), which has been a former support area, appeared a hurdle to overcome on June 30.
Nevertheless, should the bulls reclaim the MA 200 as support, they may also need to breach the $0.10 barrier and the MA 50 ($0.114) to meet the key $0.15-$0.20 key resistance territory. Maintaining the upper hand, buyers may then target the $0.26-$0.28 level (which marks an all-time high). On the other hand, if sellers manage to penetrate below the immediate support zone from the MA 200 until the $0.059 level, the next barrier at $0.042 could attempt to prevent sellers from regaining an edge.
VET/USD 4-Hour ChartVeChain (VET) has reversed back down again after finding resistance around the $0.095 mark. VET/USD has managed to hold above the MA 50 ($0.078) with the technical indicators feeding prospects for further sideways trading; the RSI is hovering near the 50 neutral marks. Should sellers steer VET price below the $0.085 immediate support base, the MA 50 at $0.078 may succeed in extending the lifespan of the minor horizontal price structure. Failing to negate a deeper retracement though could then bolster selling interest, sending the price to test the $0.068 and $0.059 trough.
Otherwise, if buyers take the lead off the MA 50 to breach past the $0.095 barrier, initial resistance may arise at the MA 200 ($0.103) ahead of the $0.15 level. Surpassing this heavy barrier, the VET/USD pair may catapult towards the next resistance section residing between the $0.20-$0.25 level and the April all-time high of $0.28. Summarizing, for a more decisive direction to evolve, VET/USD would need to either defeat the MA 200 roof at $0.10 or break below the MA 50 at $0.078.
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