VeChain (VET) seems to have resuscitated a positive move from the $0.054 level in line with the general market rebound. At the time of publication, VET was trading at $0.060, up 9.34% in the last 24 hours. In June 2019, the San Marino government hosted a special signing ceremony to formally collaborate with VeChain on the nation’s goal of becoming the first carbon-neutral country, a project that would go on to form part of its 2030 Development Plan. Following a series of legal decrees and successful implementations of VeChain’s technologies, the VeChain Foundation reports it was formally invited to move its headquarters to San Marino to help realize its digital ambitions.
Key Levels
Resistance Levels: $0.1100, $0.0800, $0.0739
Support Levels: $0.0547, $0.0438, $0.0340
VET/USD Daily ChartVeChain is trading indecisively slightly above the bottom of its near three-month-old descending channel at $0.043. The risk for an upside correction or at least a sideways consolidation is elevated given the RSI’s slight tilt towards the 50 neutral levels. This might be another encouraging signal that buying interest might reappear.
That said, for the bullish argument to gain credence, VET might probably need to initially close above the MA 50 at $0.067 and then surge beyond the $0.08– $0.10 zone, where the MA 200 is placed. Repeated failure at the MA 50 barrier would signal extended consolidation or possibly a retest of the $0.043.
VET/USD 4-Hour ChartVET Price declined from highs of $0.069 before recovering from the lows near $0.054. The sellers’ struggle to push lower and the buyers’ attempts above $0.054 might suggest that the mood could be improving. A break above $0.057 has prompted the bears to cover, attracting momentum traders in the process with $0.060 as the next target.
However, we expect any gains to stall near the convergence of the moving averages 50 and 200 in the short term. This could potentially cap the gains while keeping a downside bias in VeChain. Towards the downside, we expect the $0.050 level to be tested in such a scenario.
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