After rallying similar to other Altcoins, VeChain came down tumbling towards its support as investors waiting to buy low started to increase their positions leading to a gradual recovery. VeChain is on a roll at the moment after an earlier appearance beyond the $0.020 price range. VET/USD plunged from $0.0228 yearly high to $0.0167 support before initiating a rebound during the last two sessions. The pair may settle for consolidation as VET/USD upside traction holds steady. At press time, the price of VeChain (VET) sits at $0.0185 with a market capitalization of $1.02 billion, as seen on Coinmarketcap. Travala.com, a Popular cryptocurrency travel company, has announced that it will integrate VeChain’s VET token as a payment option on its crypto-friendly booking platform for travelers. Users can use the Token to book homes and hotels across the globe.
*VET/USD plunged from $0.0228 yearly high to $0.0168 support before initiating a rebound during the last two sessions
*The pair may settle for consolidation as VET/USD upside traction holds steady
*Travala.com a popular cryptocurrency travel firm has announced that they will integrate VeChain’s VET token as a payment option
Key Levels
Resistance Levels: $0.0228, $0.0213, $0.0191
Support Levels: $0.0179, $0.0167, $0.0150
VET/USD Daily ChartVET/USD increased from $0.01945 to $0.01981 intra-day high, breaching the $0.01910 lower level of resistance. The RSI indicates that VET/USD’s market sentiment at the moment varies. The price has found healthy support at the following levels of $0.01793 MA 50 zone, and $0.01679 horizontal support line. On the upside, the resistance is $0.0200, followed by the $0.02222 and the $0.02286 yearly high.
Given the pressure put on VeChain, the bulls have the challenge to allow the price stays beyond the support range between lower levels of $0.015 and $0.016. It will seek to forestall setbacks that could potentially harm the progress made since early July. While, the latest reversal has boosted traction, refreshing the VET levels near mid $0.017.
VET/USD 4-Hour ChartThe path of least resistance for the Altcoin remains upside from a short-term technical point of view, particularly after it displayed a downward triangle trend on the 4-hour chart. Taking a look at the chart, VET/USD is positioned within a 4-hour range slightly beyond the MA 200 (aptly $0.01850).
Glancing upwards, further resistance is anticipated at $0.019 in front of MA 50 ($0.01949) in 4 hours. The MA 50 also keeps pressing down on the price. The VET/USD pair is only bullish while exchanging beyond level $0.017, key resistance is seen at levels $0.0222 and $0.0228. Sellers may test the $0.016 and $0.015 levels if the VET/USD pair exchanges beneath the $0.017 level.
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