The crypto market continues to trade in a mixed manner at the week’s close. VeChain (VET) is currently posting a rebound after a dip from Nov. 9 highs of $0.187. At the time of writing, VET was exchanging hands at $0.1602, marginally up in the last 24 hours. The upcoming week is set to be a remarkable one for Vechain as the POA2.0 mainnet prepares to go live. The POA2.0 protocol combines the two main types of blockchain consensus mechanisms (Byzantine Fault Tolerance & Nakamoto) for security and finality. It will take place at VeChain block height 10,653,500 or approximately 2021-11-16 08:00 (UTC). Recognition of VeChain’s blockchain continues to grow. VET was honored as ‘Best Innovation In Food Supply Chain for 2021’ at the prestigious Food & Hospitality of China 2021.
Key Levels
Resistance Levels: $0.2437, $0.2187, $0.1898
Support Levels: $0.1500, $0.1200, $0.1000
VET/USD Daily ChartVeChain (VET) found significant support at the $0.081 low in late September. Since then, the VET/USD pair has been trending upwards, surpassing the MA 50 and 200. The momentum indicators as well as the bullish crossing of the MAs reinforce a positive picture. Though consolidation can not be overruled as the RSI is hovering slightly above the 50-neutral mark.
Should the price continue its ascent in the coming sessions, the next barrier could be met at the $0.187 high. Clearing this hurdle would reinforce the resumption of the short-term uptrend, setting the stage for the $0.192 and $0.225 levels. On the flip side, if positive momentum fades, the price could decline towards the $0.14 region that has provided both support and resistance on multiple occasions since June.
VET/USD 4-Hour ChartVET/USD has been ramping up since the price encountered strong support at the $0.08 level. However, the pair has been giving up ground lately after its recent rally halted at the $0.187 high. As the price is ranging within its MA 50 and 200, its immediate bias seems neutral though slightly negative. If the selling pressure intensifies, support is envisaged at the $0.148 level ahead of the MA 200 at the $0.137 level.
Alternatively, should the bulls retake control, the first barrier might be met at $0.163 (MA 50). Higher up, the next barrier for buyers might be the $0.187 and the $0.20 level. Overall, VET has been in an upward move since late September. Although the pair has lost ground recently, only a clear move below the $0.13 level would alter the short-term outlook to negative.
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