The cryptocurrency market is mostly in red, except for a few Altcoins like Vechain. VET token endured a correction to lows of $0.019 on Jan. 11 following a wall at $0.0348. A recovery thereafter ensued to intraday highs of $0.0346 on Jan.20 but the resistance at this level stalled a further advance. VET/USD pauses uptrend at $0.3461 high as bears mounted guard. The crypto asset is ranking 22nd on the Coinmarketcap table, with a market cap of $2.05 billion and $694 million in trade volume over the past 24 hours. At the time of writing, VeChain is exchanging hands at $0.0324, having gained 7.89% in the last 24 hours and 32.43% on a 7-day basis. VeChain use case extends to COVID-19 vaccination records as the Mediterranean Hospital of Cyprus, one of the largest private health facilities in Cyprus is storing its COVID-19 vaccination records on VeChain. A digital certificate issued to those vaccinated would be on E-HCert App, an electronic wallet for lab results based on the VeChain Thor blockchain.
*VET token endured a correction to lows of $0.019 on Jan. 11
*VeChain is exchanging hands at $0.0324, having gained 7.89% in the last 24 hours and 32.43% on a 7-day basis
*One of the largest private health facilities in Cyprus is storing its COVID-19 vaccination records on VeChain
Resistance levels: $0.0430, $0.0380, $0.0346
Support Levels: $0.0277, $0.0225, $0.0190
VET/USD Daily Chart: Bullish
VET/USD Daily Chart
Vechain had its ongoing rally paused at $0.3482 owing to key resistance at this level. If the buying pressure is strong enough, VeChain may slice through this hurdle and reach a price target of $0.043 and consequently attain new all-time highs. On the other hand, VeChain may fail to hit new all-time highs if the momentum loses steam.
Holding above $0.3 will help to avert losses that may be extended to the daily MA 50 at $0.020. A dive beneath the MA 50 support will jeopardize the optimistic outlook. Under such circumstances, VeChain may retest the $0.018 support and $0.015 support level coinciding with the MA 200.
VET/USD 4-Hour Chart: Bullish
VET/USD 4-Hour Chart
On the 4- hour chart, the VET token faced resistance past $0.346. Once the subtle seller congestion between the $0.033 and $0.035 congestion zone is shattered, an open-air will be left for VET/USD to explore and discover new price levels, possibly to $0.041. On the downside, VeChain is sitting on top of an enormous support range from $0.025 to $0.027 coinciding with the MA 50.
However, if this fails, the MA 200 Support at $0.0223 may help to cushion further losses. A breakdown beyond this point may suggest a bearish comeback. The VET/USD pair is only bullish while trading above the $0.0223 mark, key resistance is found at the $0.033 and the $0.035 price region.
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