VeChain (VET) is extending today’s losses and is currently trading below the recently set high of $0.033. At the time of publication, VET was trading down 6.64% at $0.031. Following the Terra (LUNA) collapse, several developers have been left in limbo. “Luna Terra Developers if you’re seeking to migrate to Layer1, we’re offering up to $30k to help, VeChain is a leading enterprise-grade public blockchain, 100% uptime, Sustainable & rapidly growing in the EU.” The VeChain Foundation tweeted on Monday, in a move that is likely to benefit both the VeChain ecosystem and Terra projects. Several projects, like Polygon and Fantom, have already offered to aid Terra projects in transition. VeChain recently launched the VIP-191 and Fee Delegation, thus ensuring that users of dApps, DeFi, and NFT platforms on its network will not have to pay gas fees.
Key Levels
Resistance Levels: $0.0550, $0.0436, $0.0343
Support Levels: $0.0226, $0.0190, $0.0086
VET/USD Daily ChartThe attempt by VeChain to strengthen against the bears has gained pace at the recent low of $0.0226, with the VET/USD pair reaching $0.0337 after finding support. To balance the overall forecast, the pair must break through the nearby horizontal barrier at the $0.0343 level. The bearish bias in the pair seems to stall at $0.0226 support.
The rebound might continue higher, according to medium-to-long term analysis, as the daily Relative Strength Index is oversold. In a larger sense, the drop from $0.0893 on March 31 is considered a corrective trend. There are no obvious indications of confinement. From $0.0226 to $0.0343, the next aim is anticipated from today’s low of $0.0299 to $0.0550.
VET/USD 4-Hour ChartThe decline from $0.0547 on May 5 could extend lower if moderate support at $0.0226 fails to hold. The retracement of $0.0226 to $0.0343 at $0.0300, on the other hand, should limit the downside and allow for a comeback. A break above $0.0343 on the upside would move the bias to the upside and allow recovery to the $0.0550 short-term high.
A sustained breach of $0.0226, on the other hand, might result in a further slide to the level of $0.0190. If the pair manages to break through resistance levels and surge higher, it will instantly break into the 4-hour moving average (MA 50) at $0.0340 and the moving average (MA 200) at $0.0490.
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