The cascading economic decoupling of the United States and China brings consequences for the global cryptocurrency market. However, an optimistic mood has returned to the market with VET and BTC trading in green. While the crypto market and major tokens generally had a difficult week VET token has held stronger in the bull market. VeChain had a steep correction beneath its peak of $0.22 on August 9, and it’s still down 36% since then. After a brief consolidation phase at the low, the price is to confront the VET/USD upside barrier at $0.015. VeChain has gained traction following 3 days consecutive bull run to the upside. The crypto asset is currently 25th on the Coinmarketcap table, with a market cap of $25.67 billion and $574 million in trade volume over the past 24 hours. VeChain Blockchain Tech has recorded progress in supply chain tracking as a China Animal Health And Food Safety Alliance (CAFA) member. It also announced that VeChain would be the sole public blockchain technology provider in the alliance, providing technical and infrastructural support for the council members.
*VeChain had a steep correction beneath its peak of $0.22 on August 9, and it’s still down 36% since then
*After a brief consolidation phase at the low, price is to confront the VET/USD upside barrier at $0.015
*VeChain Foundation announced that VeChain had officially joined the China Animal Health And Food Safety Alliance (CAFA) as one of the council members
Resistance levels: $0.017, $0.016, $0.015
Support Levels: $0.013, $0.012, $0.011
VET/USD Daily Chart: Ranging
VET/USD Daily Chart
VET had been shedding its value since August and has been undergoing consolidation over the past few days. The price of the asset was bouncing between $0.011 and $0.015 levels that were also its immediate support and resistance levels.
VET’s daily chart is showing indications of bullishness presently as VET/USD traded higher before faltering at the $0.015 resistance line. Since then, the price has dropped to $0.014. As per the RSI indicator, it is undergoing a bullish crossover from its midline, a sign of growing bullish pressure in the market. However, the momentum wasn’t enough to keep the trend going and could change soon.
VET/USD 4-Hour Chart: Ranging
VET/USD 4-Hour Chart
As seen in the short time frame, if the bulls can push VET past the 4 hour MA 200, the colossal resistance cluster around the $0.016-$0.017 levels will most likely push it back down. The most critical resistance level remains at $0.017, while support is at $0.013 level.
Consequently, buyers are aiming at the trend target in the coming days at $0.020. The $0.020 level may provide heavy opposition in front of the target. The VET/USD pair is only bullish while exchanging beyond the level of $0.0160, the main resistance is seen at levels between $0.0200 and $0.0222. If the VET/USD pair is exchanging under $0.0150, sellers may test the $0.013 and $0.012 support levels.
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