The cryptocurrency market is on the rebound again as BTC sets a new all-time high at $28,900. Also, several Altcoins have broken above resistance levels to trade at new highs. VeChain Token (VET) rallied from an intraday low of $0.0115 on Dec. 23 to an intraday high at $0.0226 today recording 100% gains in a relatively short time. However, the rally on VET/USD hits the barrier at $0.0225 forcing the uptrend to take a hiatus. Despite the pullback, the VeChain token (VET) has gained 3.93% on a daily and 37.22% weekly. VeChain is exchanging hands at $0.0201, having reached intraday highs of $0.0226. The crypto asset is ranking 24th on the Coinmarketcap table, with a market cap of $1.27 billion and $321 million in trade volume over the past 24 hours. VeChain becomes the first 5-Star-Rated Blockchain Service Provider in the world, ranked by TÜV Saarland, a European certification body. This could increase investor confidence and also improve investor sentiment about VET tokens in the long term.
*VeChain Token (VET) rallied from an intraday low of $0.0115 on Dec. 23 to an intraday high at $0.0226 today recording 100% gains
*VeChain is exchanging hands at $0.0201
*VeChain becomes the first 5-Star-Rated Blockchain Service Provider
Key Levels
Resistance levels: $0.0261, $0.0225, $0.0217
Support Levels: $0.0180, $0.0150, $0.0115
VET/USD Daily ChartVeChain Token (VET) began its uptrend when it rallied from an intraday low at $0.0115 on Dec. 23. The bears rose to defend the $0.0225 multi-month resistance level aggressively, causing price declines to $0.0185. On the upside, VET bulls may give the $0.0225 level another shot if the pair does not decline below $0.0180. A sustained break above the $0.0225 may resume a new rally with a target aim of $0.0353.
In the medium term, a consolidation between $0.018 and $0.0225 may be a bullish sign which could increase the chances of a further breakout. On the other hand, if further declines ensue beyond its recent price below $0.018, bears may pull VET price back below the MA 200 and MA 50 at $0.015 and $0.014 respectively. In this scenario, the VET may likely return into the range for some days.
VET/USD 4-Hour ChartVechain has managed to flip the MA 50 and MA 200 into support levels. Owing to the resistance at $0.0217 and $0.0225, the VET price briefly declined to lows of $0.0188. A sustained decline beneath the MA 200 at $0.0164 would mark a clear bearish sign which may likely push Vechain to $0.015 and then $0.013. A breakdown below this point will force the token to a low of $0.011.
On the upside, a sustained break above $0.022 would bring the bigger price target of $0.026 into the picture. Beyond this, the token face little resistance to the upside. The VET/USD pair is only bullish while trading above the $0.188 mark, key resistance is found at the $0.0217 and the $0.225 levels.
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