Vechain price is doing good as bulls are looking for an uptrend. A further increase in VET buying can take Vechain to $0.10 resistance level, which is a 25% price increase. The MRI indicator show that VET might visit below support of $0.070 before making a consistent uptrend.
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Vechain price is consolidating at the range of $0.06 to $0.08. This price action suggest that there are strong chances that VET price can move forward to touch $0.10 resistance.
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On the other hand, The Momentum Reversal Indicator (MRI) is pointing a sell signal in the form of a red ‘one’ candlestick on the 4-hour chart, which predicts a one-to-four candlestick correction. So traders and holders might expect VET price to visit lows of $0.070 again. The price may fall below $0.070 to collect liquidity, If such development is followed by a quick bounce than it is bullish sign.
On the upside VET will face medium resistance at $0.090 and strong resistant at $0.10.
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On the bearish side if support of $0.07 is broken, VET might see a 11% downfall going to $0.059.
At the time of writing overall crypto market is doing good, with ETH trading above $2000 and BTC above $35000. Under such favorable condition there are high chances that VET price will continue it upward momentum till $0.10.
At $0.10, VET bulls should stand up and come in with force to break $0.10, which will prove as a strong resistance.
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Resistance: $0.09-0.10
Support: $0.06-0.07
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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