VeChain (VET) Price Analysis: Still In Pursue To Sustain Over $0.0060 Mark

Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • VeChain is struggling to surpass the mark of $0.0060 in the crypto market. 
  • The community is still working on mass adoption and sets up their system in WooCommerce Shops.

Source: Coin360

The VeChain price graph has started to show signs of positive momentum in the market to cross the multi-resistance mark of $0.0060. It started from the price level of $0.0057 and faced heavy resistance at $0.0059 which forced it back again to $0.0056. The market capitalization is of $310,757,411 and 24H volume traded is of $175,525,047.

Vechain successfully crossed $0.0060 a day before yesterday but failed to sustain above the level with the closing price of $0.0055. It has now become very important for the altcoin to sustain above the level of $0.0060 as it can face pricing consolidation if it moves between the price band of $0.0055 and $0.0060 in upcoming days.

Recently, the community has announced that VET payments will be available in WooCommerce Shops very soon. The thor plugin will enable all the merchants to convert fiat currencies to VET on the WooCommerce platform. It allows artists to create unique tokens that are built on the VeChain network. This can be the fundamental boost that the altcoin was requiring.

 

Source: Tradingview

The technical graph reflects on the bullish momentum built by VET at the starting of the month to reach its critical resistance area of $0.0084. After the resistance level came into play, VET was facing a major downtrend in the market. It went down to the low level of $0.0052 yesterday. It acted as a support level for the altcoin and provided it to minor positive movement in today’s market.

The technical indicators and oscillators are indicating mix predictions of buying and selling in upcoming days. RSI is in the normal region but sloping downwards to the level of 30. CCI is also exhibiting the same patterns in the graph as it is in the normal region but sloping downwards to the oversold zone.

However, MACD levels indicate that there is an upcoming bullish momentum for the crypto assets with a bullish cross.

Resistance Levels: $0.0060 and $0.0072

Support Levels: $0.0055 and $0.0050

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