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It’s an otherwise quiet trading session for the cryptocurrency market at the week’s close. VeChain (VET) price is marking the fourth consecutive day in green following increased demand. At the time of writing, VET was exchanging hands at $0.1356, up 8.21% in the last 24 hours and 15.14% weekly. VeChain (VET) is a blockchain-powered supply chain platform and with partners like PwC, Deloitte, and DNV, VeChain is taking a lead in terms of enterprise blockchain adoption. VeChain has added another feather to its cap as it announced Friday, ”VeChain received a certificate from the China Association for Standardization, a body under the State Council, for our major contributions to the T/CAS 493-2021 Standard for household electrical equipment”. On Oct. 20, Travala.com announced that VeChain holders could book flights, hotels on Travala.com and sponsor an entire trip to Belgium using VET, thereby boosting adoption.
Resistance Levels: $0.2187, $0.1800, $0.1594
Support Levels: $0.1200, $0.1100, $0.0100
VET/USD Daily Chart: Ranging
VET/USD Daily Chart
VET climbed to highs of $0.1395 today, after surpassing the moving averages 50 and 200 on the daily chart. VeChain is set to complete the fourth green day in a row after the rebound off the MA 50 ($0.11) on Oct. 20. Near-term oscillators support the bullish move. The RSI is pointing north towards the 70 marks, detecting accelerating positive momentum. Further upside pressures could drive the price towards the next barrier at $0.157, identified by the September highs.
A break above this level could move VET towards the next resistance area of the $0.20 and $0.25 levels. The all-time high of $0.279 could be a level for traders to look out for. On the flip side, a downside retracement could meet a barrier at the moving averages 50 and 200, which stands at $0.112 and $0.122. A downside break may open the way for the $0.10 level before the Sept. 28 bottom of $0.28 comes into view.
VET/USD 4-Hour Chart: Ranging
VET/USD 4-Hour Chart
VET ticked above the positive crossing of its 4-hour moving averages at $0.109, edging higher above the recent consolidation range high at $0.127. Should the price decisively close above the $0.1395 highs, bulls could extend the current bullish sentiment towards the $0.16 level. Further advances above this level could then target the $0.2 range.
Alternatively, immediate support is envisaged at the $0.127 level. The next major support might be found from the MA 50 at $0.123 until the MA 200 at $0.108 if the market loses ground. In the medium-term view, the VET/USD pair seems bullish as long as it remains above its moving averages.
