The impressive upside rally on VeChain persists as bulls seem to have limitless strength. Notwithstanding the slowing down of the market, VET retains its upside rallies with its volume having been impacted by the chaos on the market in March 2020. While Bitcoin and Ethereum routinely rally, most Altcoins stop or even collapse, but VET seems to be unfazed. Up approx 25% from its recent low level of $0.015 to today’s intraday high of $0.019, price action on VeChain continues to perform positively. The analytical view implies that bullish traction is not slowing on VET/USD on its path to $0.02. For the third consecutive day, VET/USD bulls sustained market position with a raised market capitalization of about $1.03 billion and a daily trading volume of $233.79 million. VET/USD is increasing in value at $0.0186 at the time of this writing, with gains of around 2 percent since the day’s start. Italy’s De Cecco – the third-largest pasta producer in the world, has formally adopted My Care – a solution built on the VeChainThor blockchain by DNV GL. It becomes the latest Italian firm to integrate the solution of the VeChain ecosystem.
*Up approx 25% from its recent low level of $0.015 to today’s intraday high of $0.019, price action on VeChain continues to perform positively
*The analytical view implies that bullish traction is not slowing on VET/USD on its path to $0.02
*Italy’s De Cecco – the third-largest pasta producer in the world, has formally adopted My Care – a solution built on the VeChainThor blockchain by DNV GL
Key Levels
Resistance Levels: $0.0222, $0.0200, $0.0192
Support Levels: $0.0160, $0.0150, $0.0137
VET/USD Daily ChartFor the third consecutive day, VET/USD bulls retained market control, as the price went up from $0.0160 to $0.0192 in the current session. Throughout the phase, as seen on the daily chart, the price grew beyond the triangle pattern. The RSI reveals decreasing traction on the bearish market while the MA 50 supports its increasing value.
VET/USD has stable support across the MA 50, at $0.0167, $0.0150, and $0.0137. There are two initial levels of resistance on the upside at $0.0192 and $0.0200 followed by a recent high of $0.0222 July 7. Although VET may see a bearish or bullish breakout, given the overall state of the VET and the entire crypto market, the latest has more prospects to unfold.
VET/USD 4-Hour ChartVeChain conducted a further major short-term rally, with the cryptocurrency bouncing of both MA 50 and MA 200 after posting a fresh rally to $0.019 mark on its journey to $0.0200. Technical analysis indicates that, over the short term, VET/USD bulls may test to the resistance level of $0.0200. The view in the near term suggests that bulls may propel price up to $0.0200 while price exchanges beyond $0.019.
On the contrary, if bulls fail to rally at $0.0192 beyond its near-term resistance, the bears may take control of its short-term range positioning to trigger a $0.0160 level Selloff. The VET/USD pair is only bullish while exchanging beyond level $0.0167, primary resistance is seen at levels $0.0192 and $0.0200. Sellers may test the $0.0160 and $0.0150 levels once the VET/USD pair exchanges beneath the $0.0167 level.
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