The crypto market is presently consolidating gains as the weekend nears. VeChain (VET) has ticked broadly higher since the July 21 lows of $0.055. At the time of writing, VeChain was trading at $0.096, up 5.15% in the last 24 hours and 14.81% weekly. Ranking 23rd largest, VeChain has a present market cap of $5.56 billion and $662 million in trade volume over the last 24 hours. The resurgence of buyers has pushed VET’s price towards the retest of the key MA 200 barrier ($0.098), bringing the bulls to a decisive moment. In other news, the digital asset platform Bitrue has added support for VeChain and three other tokens for credit card purchases, according to an August 6 announcement. VeChain will now be accessible for users to buy directly on Bitrue through credit card purchases.
Key Levels
Resistance Levels: $1.1867, $0.1551, $0.1250
Support Levels: $0.0739, $0.0559, $0.0423
VET/USD Daily ChartVET/USD headed to retest the MA 200 at $0.0988 on August 6, after finding a foothold on the $0.055 support on July 21 and the MA 50 around $0.079.The bulls managed to reach intraday highs of $0.101 with the short-term oscillators displaying strengthening positive momentum. The climbing RSI is returning to the 70 levels.
If buyers push off the MA 200 at $0.0988 past the $0.101 high, initial resistance could arise from the $0.155 and $0.195 levels. Above here, the $0.26-$0.27 level could impede further improvements towards the $0.28 all-time high. On the flip side, sellers face immediate support from the MA 50 at $0.079 and the $0.073 level. Sinking from here, the VET/USD pair may put pressure on $0.055 support ahead of the May 19 lows of $0.042.
VET/USD 4-Hour ChartVET has jumped considerably following the rebound off the $0.055 lows. The technical indicators are confirming the recent upside movement as The RSI is ready to jump into the overbought zone. However, VET/USD remains well bid above the bullish crossover of the 4 hour MA 50 and 200. If prices can continue to move higher and overcome the $0.101 immediate level, the next resistance for traders to watch is the $0.152 barrier ahead of the $0.20 range.
Alternatively, if the bears manage to pull the price back below the $0.093 barrier now turned support, the price could initially stall at the MA 50 at $0.087 before testing the MA 200 at $0.077. Moving lower, the market could decline further until the $0.055 support. Concluding, a break either above or below the daily moving averages could reveal the next price direction. Yet, a shift above $0.10 may breathe some confidence back into the VET/USD pair.
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