VeChain (VET) traded up 8% as a relief rally ensued in the cryptocurrency market. At the time of publication, VET was changing hands at $0.0303, up 8.66% in the last 24 hours and 23.33% weekly. The VeChain Foundation announced in a recent tweet that VeChain has clinched an award for its innovation in health care. It states, “In 2020, VeChain & I-Dante launched E-HCert, a Digital Lab Test Wallet deployed at Aretaeio Hospital serving patients in Cyprus. We’re proud to share that the dApp won a Cyprus Healthcare Business Award, recognising innovation & efficiency improvement.” The VeChain Foundation also disclosed its partnership with Amazon Web Services (AWS) to support its VeCarbon platform. The product will allow businesses to obtain information on their carbon footprint to properly manage it and remain compliant with emissions targets.
Key Levels
Resistance Levels: $0.0450, $0.0400, $0.0350
Support Levels: $0.0250, $0.0220, $0.0200
VET/USD Daily ChartOn the daily chart, the horizontal barrier sets the breached local VET/USD resistance around $0.0300, which is followed by $0.0350. The upper horizontal range and the $0.0350 high in June may be used to build an accelerated rebound to $0.0400 with a potential step beyond this region.
VeChain is under pressure, but the bulls must work to keep the market above $0.0300 to the daily moving average (MA 50) level at $0.0250. Technically speaking, the direction of least resistance is uphill, according to the daily relative strength index (RSI). A positive close suggests that bullish pressure on VET will continue to mount into the next session.
VET/USD 4-Hour ChartVET/USD bulls took control early in the week, canceling a bearish weekend. In the process, the price rose from a low of $0.0262 to an intraday high of $0.0309 on Wednesday. From a short-term technical standpoint, the pair’s path of least resistance is still upward, especially after it exhibited a typical breakthrough from the limiting $0.0300 key barrier.
As a result, buyers are aiming for the trend target of $0.0350 in the coming days. Heavy resistance can be seen in front of the target at the $0.0400 level. Only when trading above the level of $0.0300 is the VET/USD pair positive; the primary resistance is found at values between $0.0300 and $0.03500. Sellers may test the $0.0250 level if the VET/USD pair is changing hands for less than $0.0300.
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