VeChain (VET) kicks off on the positive side in the first week of trading in 2022. At the time of publication, VET was changing hands at $0.093, rising nearly 14% from intraday lows of $0.085. VeChain Foundation has announced the release of its new native stablecoin, VeUSD. It states, ”Happy to announce that VeUSD, VeChainThor’s first native StableCoin, will soon go live! Users & enterprises will be able to easily create/burn fully backed USD-based stablecoins, opening VeChain up to DeFi, web3, and novel real-world use cases”. The VeUSD stablecoin will be fully backed by physical reserves of fiat money that can be redeemed at a 1:1 ratio at any time. VeUSD will list on exchanges after launch. With a stablecoin, VeChainThor will provide DeFi functionality, thus ushering in a new era.
Key Levels
Resistance Levels: $0.1500, $0.1280, $0.1100
Support Levels: $0.0800, $0.0739, $0.0693
VET/USD Daily ChartVeChain price found support near $0.082 on Jan. 4 and started fresh increase to reach highs of $0.097 today. The momentum indicators continue to reflect a neutral-to-bullish bias, signaling the bulls may not abandon the battle yet. The RSI has extended its climb above the 50 neutral marks, suggesting an opportunity for further recovery. However, the negative crossing of the moving averages may seek to downplay bulls’ activity.
Initial support on the downside is near the $0.08 level, below which there is a risk of more downsides where the VET price could test the $0.069 level. On the upside, the price could face a barrier near the moving averages of 50 and 200 at $0.10. The next resistance could be near the $0.133 level, above which the price could rise towards the $0.179 level.
VET/USD 4-Hour ChartVeChain is currently trading around $0.094, trying to keep intact the gradual climb from the Dec. 31 low of $0.08. In this case, a climb past $0.97 could shift the focus back to the upside. Beyond the $0.97 border, the $0.103 level is another barrier that the bulls need to crack to raise buying confidence in the market.
If the bears resurface, the MA 50 and 200 at $0.086 and $0.087 could block the way towards the $0.080 support. Amid the latest rebound, hopes for progress remain alive. A sustainable move above the $0.10 area could trigger the next bullish wave.
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