Clearance of $0.06 Could Boost Recovery Hopes
The VeChain price prediction outlook got a boost on Friday, following the completion of the hammer candle on the 0.03921 support level. The VET/USDT pair added 5.25% to recover to $0.047. This was in keeping with the general trend of the crypto market, where Bitcoin and other major altcoins recovered slightly in the New York trading session following several days of selling in response to the Russia-Ukraine conflict.
VeChain looks set to reach more users after blockchain engraving platform VeScribe said it would bring VeChain digital albums to its users all over the US, starting from Las Vegas. The announcement came via a Tweet by VeScribe on Wednesday. The VeScribe Digital Album allows users to add images and pictures to create a permanent record on the blockchain. This is a better alternative to the current methods of storing photos in physical format, on devices, or in the cloud.
The development is another step in the push for greater VeChain adoption. Nonetheless, the crypto market is still solidly focused on the events in Eastern Europe. This could determine price action in the coming days.
VeChain Price Prediction Outlook
The VET/USDT pair is trading within a falling wedge pattern, with the Thursday candle bouncing off the 0.03921 support level. This bounce requires additional momentum to challenge the wedge’s upper border and the 0.05996 resistance. Successful clearance of these barriers opens the door for a measured move which targets completion at 0.09929. To attain completion, this move needs to take out the barriers at 0.07588 and 0.08699.
On the other hand, a lack of bullish momentum could put the 0.03921 support under pressure. If this pivot breaks down, 0.02004 becomes the new downside target in the short term. The 2 November 2020 low at 0.00853 forms an additional barrier to the south, and attainment of this area will mark a new 16-month low for the pair.
VET/USDT: Daily Chart
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