VeChain (VET) is up 27.44% in the last 7 days at $0.0303. VeChain Foundation is proud to announce the launch of its new fully decentralized self-custody wallet, VeWorld, aptly named due to its role as the gateway to the world of VeChain. Mobile and desktop versions of the wallet are due in Q3 2023. This new wallet introduces many quality-of-life upgrades for the VeChain ecosystem, with an extensive roadmap of features in the pipeline. VeWorld initially launches as a web wallet and will be iteratively upgraded on a biweekly cadence by a dedicated team of Foundation developers. Ledger support is available on the first release. As the team stated, VeWorld won’t replace VeThor Wallet. Other VeChain wallets’ passphrases or mnemonics will work with VeWorld without any issues. Although it’s recommended, there is no specific need to migrate if still using previous wallets (Sync, VeThor), as these will continue working.
Key Levels
Resistance Levels: $0.0450, $0.0400, $0.0350
Support levels: $0.0300, $0.0270, $0.0230
VET/USD Daily ChartOn Tuesday, VET/USD reached a daily high of $0.0322 before retracing to $0.0297 as bulls aim to establish this $0.0300 resistance zone as support in anticipation of a potential upward movement. A golden crossover of the MA 50 past the MA 200 could provide the necessary incentive for market participants to guide the pair in a clearer direction. On a daily period, the RSI indicator presently sits above 60, signaling a buy signal.
Also, many shorts were forced to cover their positions as VET/USD closed above the $0.3000 price on the prior day. This took place over the weekend, and a strong weekend typically leads to an even stronger week. If the price closes above $0.0300 today, it may rapidly increase toward $0.0350. The price trading above the moving averages also indicates that there is more room for upside growth.
VET/USD 4-Hour ChartThe VET/USD short-term frame MA 50 is poised to stay above the MA 200, indicating a potential powerful directional move and strengthening the current bullish sentiment. With VET/USD above the $0.0300 level, bulls are likely to target the next resistance barrier at approximately $0.0350. Alternatively, VET/USD could see a pullback towards the MA 50 at around $0.0270.
Last week, neither the bears nor the bulls had enough momentum to break through the range between $0.0325 and $0.0297. This week, the VET/USD high is hovering just above the $0.0300 level, and a new test is expected. If VET/USD sustains its accent above this level, it would reinforce positive projections for its future direction and rapidly close the sell-off towards the $0.0297 support level.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
