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VeChain Price Analysis: VET/USD is bullish for the next 24 hours

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  • VeChain price analysis is bullish today.
  • VET/USD likely saw the final push lower to $0.13.
  • Bullish momentum returned this morning.

Right now, things are looking good for VeChain bulls, with solid rejection for additional downside throughout the market’s trip to $0.13. As a result, we expect VET/USD to recover later today and perhaps rise even higher by the end of the week.

Technical Analysis

As we can see from the four-hour chart for VET/USD, bullish momentum has returned. We should consider $0.15 as the next target level to watch out for. The market’s rejection at $0.13 previously was impressive and suggested that sellers may be exhausted in this price range. A push past $0.15 is possible if buyers manage to clear through $0.16 or even $0.17 levels soon enough. However, it is uncertain whether the market will indeed head up there within a matter of hours or days since initial gains are unlikely to happen immediately after such huge losses were erased just now during the trading session today.

The RSI indicator is also highly favorable right now, sitting at about 54 and suggesting a neutral level in the short term. The recent bounce in price has already reached 60 on the RSI, so buyers could probably aim for 70+ next with a push to new highs soon enough. On the other hand, if the momentum continues to stay bearish, we might see a return below $0.11 levels in the coming days or weeks before any substantial climb takes place within this period.

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$0.13 holds as support with no significant resistance until $0.15 seen just above current prices at around $0.16-$0.17 from previous trading sessions. We still might see some volatility near those levels depending on sentiment and whether sellers decide to push for more losses or not.

VET/USD 4-hour chart: VET ready to recover?

VeChain Price Analysis: VET/USD is bullish for the next 24 hours 1
VET/USD 4-hour chart. Source: TradingView

VeChain’s recent price history has been quite steady. VET/USD surged to $0.165 after several days of good market momentum.

On the 4-hour chart, we see that Vechain’s price is rising once again after strong support at $0.13 was identified and tested for a while before buyers managed to return in full force enough to push the price once again higher past yesterday’s highs of $0.16.

The level of $0.14 has been broken and pushed further down, possibly to provide some room for VET/USD to grow further without too much resistance along the way. We expect bulls to take over control within this period and aim for new daily highs with ease before we see any significant pullback rebalancing themselves in the market once again.

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VeChain Price Analysis: Conclusion 

On the flip side, if bears manage to stay in control and continue holding their ground, we could see the price staying below $0.12 for weeks or even months before any more upside occurs. It is essential to keep in mind that initial gains are always small, so investors should wait for more confirmation before entering a long position here.

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VeChain

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?

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  • VeChain price analysis indicates bearish momentum to follow.
  • VET/USD set slightly lower low at $0.12 yesterday.
  • A strong spike higher took VET above $0.13 today.

VeChain price analysis is bearish today as we expect another move lower once the current spike above $0.13 ends. Some selling pressure for VET/USD has already returned, likely leading towards more downside over the next 24 hours.

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen strong bullish momentum over the last 24 hours. The market leaders, Bitcoin and Ethereum, are up by 4.7 and 6.88 percent, respectively. Meanwhile, the previous top performer, Crypto.com Coin (CRO), has reversed, losing almost 20 percent.

VeChain price movement in the last 24 hours: VeChain sets lower low at $0.12, spikes higher

VET/USD traded in a range of $0.1202 – $0.1309, indicating substantial volatility over the last 24 hours. Trading volume has increased by 14.11 percent, totaling $603 million, while the total market cap trades around $8.38 billion, ranking the coin in 26th place overall.

VET/USD 4-hour chart: VET spikes above $0.13

On the 4-hour chart, we can see the VeChain price action rapidly advancing over the past hours, likely leading to another lower high set over the next hours.

VeChain Price Analysis: VET spikes above $0.13, prepares for another push lower?
VET/USD 4-hour chart. Source: TradingView

VeChain price has seen bearish momentum continue so far this week. After peaking slightly above $0.185 on the 9th of November, VET/USD saw a rapid decline over the following days to $0.15.

Some of the loss was regained on the 15th of November, as bulls quickly pushed VET above $0.175. However, bears took over again, leading to more downside last week to the $0.123 mark. 

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By the end of last week, another clear lower high was set at $0.14, with a further decline starting over the weekend. Since then, the VeChain price momentum has been steadily bearish, with the previous low tested again Yesterday. 

A quick break lower followed to $0.12, with immediate reaction higher overnight. Currently, VET/USD has spiked to $0.13, where another lower high should be set by the end of the day.

VeChain Price Analysis: Conclusion 

VeChain price analysis is bearish today as we expect more downside to follow after the current spike higher. Likely VET/USD will establish another lower high around the current price levels, leading to more downside over the next 24 hours.

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While waiting for VeChain to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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VeChain price presents buy opportunity before VET hits $0.20

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  • Vechain price positioned for an early entry that will likely trigger the move to $0.20.
  • Near-term short entry opportunities exist too, as downside risks remain.
  • Expect volatile price action during the US Thanksgiving holiday and weekend.

VeChain price downside risk remains elevated, but oversold readings in the oscillators indicate that risk is limited. A strong bullish entry opportunity would likely return VeChain to a push towards new all-time highs.

VeChain price could shock bears with a powerful spike higher, despite temping short entry opportunities

VeChain price has two trade setups on its $0.001/3-box Reversal Point and Figure Chart. The first is a theoretical long entry with a buy stop order at $0.132, a stop loss at $0.128 and a profit target at $0.150. This entry would simultaneously break a double-top pattern and breakout above the dominant bear market trendline (red diagonal line).

VET/USDT $0.001/3-box Reversal Point and Figure Chart

The theoretical long trade idea will be invalidated if the short idea identified below is triggered.

The hypothetical short set for VeChain price is a sell stop order at $0.124, a stop loss at $0.128 and a profit target at $0.110. The short entry is an overwhelmingly tempting and bearish setup. The entry at $0.124 breaks below a triple-bottom while also confirming a powerful Point and Figure bearish pattern known as a Bullish Fakeout.

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VET/USDT $0.001/3-box Reversal Point and Figure Chart

However, the daily Optex Bands oscillator levels indicate extreme oversold conditions and do not support an extended drive south. The hypothetical short entry is invalidated if VeChain price moves to $0.132.

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VeChain (VET) official member at CNFCA Another Feather in the Cap

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VeChain (vet)

VeChain is now an official member of the China Non-staple Food Circulation Association (CNFCA), a national-level organization! Vechain’s technology continues to form the base of next-gen industry standards. VET is proud to lead real world adoption of Blockchain technology.

VeChain will be the sole public blockchain technology provider in the alliance, providing technical and infrastructural support for the council members.

Can you please elaborate on the role of VeChain as a member of the CNFCA? Verifying the authenticity of labelling through the entire process from ingredients sourcing, production through reporting of nutrition information of all non-staple foods in China? Can you imagine?

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Community Reaction:  Are more companies adopting the tech now? Any updates on the previous tests with the VeChain blockchain, BMW, Walmart China and etc?

Do you need VET token, to use VeChain technology? Maybe companies are using VeChain technology without token supply?

How many lives would VeChain Official touch in China and worldwide? VS supposedly how CardanoStiftung would touch in Nigeria and/or Africa?

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What will be the utility of the token vet in this case? VET I don’t think it will go up without a great partnership, but isn’t there some great partnership?

Vechain just keeps building and building. I sleep very well at night.  Congratulations to the persistence of your team. this is genuine marketing.

When do we actually get to see any adoption from Bright Foods? PICC? Kuehne & Nagel? DB Schenker? Why are 98% of companies you claimed would use Vechain after Mainnet NOT using? When do we get to see DNV 900K wallets claimed in 2019? Now you have POA2 what’s stopping adoption?

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Otherwise, for those who missed:  CoinTelegraph recently expressed, “The VeChain network runs with only 101 nodes. Fewer nodes reduce decentralization but increase the speed and reliability of the network, tending to be favored for commercial and industrial applications. By comparison, Bitcoin currently has 13,244 nodes, while Ethereum has 2,701.

The latest VeChain PoA consensus upgrade aims to improve scalability and key operations and hopefully make the project even friendlier to the environment.

It is important to understand that VeChain provides more than for the supply chain. It is huge. Those who think that VeChain is only a supply chain tracking network should spend some time to really understand the huge potential of the network.

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For those who think they should conduct a token burn it is important to get educated on VeChain. Sometimes projects are more than the price highs for their tokens.  Their technology is helping some really genuine concern for the well-being of the whole of mankind.

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