VeChain has been one of the best performers since the start of the week, with technical indicators suggesting the price could go higher
The general cryptocurrency market continued its recovery yesterday following losses incurred last week. Bitcoin is trading above $54k, with its market cap surpassing the $1 trillion mark once again.
Ether, XRP, Binance Coin and Doge are also trading in the green. VeChain (VET) is one of the top performers amongst the top 20 cryptocurrencies, rising by over 8% in the past 24 hours.
Some analysts, such as Quinten Francois, are optimistic about VET reaching the $1 level in this cycle.
This is still happening this cycle:
Don´t let this correction change your view on these #cryptocurrencies.
— Young And Investing (@QuintenFrancois) April 23, 2021
VET price outlook
The VET/USD 4-hour chart suggests that the cryptocurrency is on a rally and could reach its weekly high again soon. VET is trading at $0.20 per coin, which is higher than both its 100-day simple moving average ($0.19) and 100-day exponential moving average ($0.183).
Resistance on the upside can be found at $0.25. The 4-hour chart suggests that the cryptocurrency is currently inside an accumulation zone due to its sideways price action. If the price surpasses the $0.22 resistance, it will have enough upward momentum to attempt the breach major resistance at $0.25. An extended rally could see VET surpassing its previous monthly high and heading towards $0.30.
VET/USD 4-hour chart. Source: Coinalyze
VET’s RSI currently stands at 54, suggesting a bullish presence in the neutral zone. The MACD is in bearish territory, which is okay considering that VET is still down in terms of weekly price performance.
On the downside, if bulls cannot mount a serious recovery to surpass the $0.25 mark, bears could regain control. If that happens, it could bring the $0.15 support level into focus again. However, VET has established strong support at $0.15, and bulls should be able to defend it. Failure to do so could see VET decline below the $0.13 region.
Leave A Comment