VeChain (VET) is trading at a discount just like the rest of the market. At the time of publication, VET was changing hands at $0.0482, down 7.37% in the last 24 hours and 17.08% since the past week. Layer 1 smart contract platform, VeChain has announced a new partnership with crypto payment services Alchemy Pay that will allow people to use its VET token as payment in over two million stores throughout 70 different countries. The news came alongside its inclusion as a supported token on the recently launched Binance Bridge 2.0. Vechain’s usage expands to sustainable wedding dresses. With VeChain’s “one item, one code” traceability method, each wedding dress can be stored on the blockchain, matched with a unique ID, and consumers can scan the code to know the product’s on-chain information as well as verify its authenticity.
Key Levels
Resistance Levels: $0.0800, $0.0650, $0.0550
Support Levels: $0.0438, $0.0340, $0.0300
VET/USD Daily ChartThe bears have taken control of VET/USD as the price plunged from $0.0550 support to a near-term low of $0.0473 during the session. We might see a further price decrease based on technical signs indicating a lower correction of overall crypto market sentiment. The daily relative strength index is yet oversold and there exists more room for the bears to $0.0438.
The pair is currently trading below the daily moving averages (MA 50 and MA 200) although without a leaning towards price action. Lower, VET/USD pair might record a double bottom gain significantly on further rising volume mixed with a positive trend. Without it, the bears might become increasingly tense, resulting in further drops to $.0.0340.
VET/USD 4-Hour ChartDespite the lower drifting trend on the intraday charts, VET/USD is staying in a tight range. Its recovery might be restrained by MA 50 and the upper horizontal line on the approach to the $0.0550 level. When this obstacle is no longer in the way, the gain is anticipated to accelerate to the next barrier of $0.0650 which is also a 4-hour moving average (MA 200).
The psychological $0.0550 level and 4-hour MA 200 at $0.0650, on the other hand, will provide initial resistance. However, a continuous drop below the present low level at $0.0475 could increase selling pressure and push the price to $0.0438. The bears are expected to be slowed by this support; however, if it is breached, the sell-off might accelerate to the $0.0340 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.
