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VET Price Analysis: Trades Higher on Improved Market Sentiment, VeChain Unveils Enterprise NFT (eNFT) Ecosystem

VET

Highlights

  • VeChain (VET) is trading higher after gaining pace above the $0.155 level
  • VET was exchanging hands at $0.19, up by 9.74% in the last 24 hours
  • VeChain unveils enterprise NFT (eNFT) ecosystem on VeChainThor blockchain

The cryptocurrency market is in a general recovery that has the majority of Altcoins seeing green. Further improving the market sentiment was PayPal’s announcement that demand for buying cryptocurrencies had exceeded expectations. VeChain (VET) is trading higher after gaining pace above the $0.155 level. As of the time of writing, VET was exchanging hands at $0.19, up by 9.74% in the last 24 hours. Ranking 13th largest, Vechain has a present market cap of $13.17 billion and $2.68 billion in trade volume over the last 24 hours. Believing that enterprises are going to be the main driving force that pushes for the mass adoption of NFT (Non-fungible Tokens), VeChain unveils enterprise NFT (eNFT) ecosystem on VeChainThor blockchain while stating that the solid foundation for enabling eNFT applications has been set in the VeChain ToolChain.

Key Levels
Resistance Levels: $0.2823, $0.2537, $0.2362
Support Levels: $0.1867, $0.1551, $0.1250

VET/USD Daily Chart: Ranging

VET/USD Daily Chart

The VET/USD pair started a downside correction from record highs of $0.28 on Apr. 17 and declined as low as $0.12 before a recovery. The short-term oscillators are representing the latest rebound in VET price with the Daily RSI attempting to improve past the 50 levels. The upsloping moving averages further indicate optimism in the market.

If buyers manage to extend gains above today’s high of $0.21, vital resistance may originate from the $0.23-$0.25 region. If this mentioned range is overstepped, a slightly overhead barrier at $0.27 may impede VET price from challenging the all-time highs at $0.28. On the contrary, if sellers retake the reins, initial support could arise from $0.17 until $0.15, before the bears revisit the $0.124 level at the MA 50.

VET/USD 4-Hour Chart: Ranging

VET/USD 4-Hour Chart

VET recently found a foothold at the $0.155 level that elevated its price into the vicinity of the 4 hour MA 50 ($0.205). The faded incline above the MA 50 is reflecting a slight setback in the up move while the RSI is struggling to creep higher off the 50 levels. If the VET/USD pair loses the MA 50, initial support could come at the $0.18 level. If the correction deepens, the $0.176 level could provide support ahead of the MA 200 at $0.14 where the bulls may give the upswing another chance.

Otherwise, if buying interest intensifies and VET bulls gain good footing, off-the MA 50, pushing past the barrier at $0.224, resistance could develop around the $0.236 and the $0.253 overhead. Surpassing these hurdles, buyers would need to overtake the capping area of highs from $0.267-$0.274 to propel VET price to retest the all-time highs at $0.28.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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