VETUSD Showing Trend Reversal Signs
April has seen the Vechain price by over 30 per cent. However, the cryptocurrency is likely to start a new bullish move in the past few days. This is after recording two consecutive trading sessions where the prices closed above opening prices, and today’s session looks likely to continue the bullish trend.
At its core, the Vechain project aims at solving business-related problems such as supply chain management and business process. It states its goal is to streamline these processes and information flow for complex chains through distributed ledger technology (DLT).
Looking at the data for the past 24 hours, VeChain has gained over 4 per cent in the markets. Over $199.5 million worth of VeChain tokens have also been bought or sold in the last 24 hours. This is a 1.7 per cent gain from the previous day. The two data points are an indication that the cryptocurrency may be gaining in the market. The data could also mean that VeChain has entered a bullish market.
VeChain Price Prediction
The VeChain is currently on an upward trend based on the last two trading sessions and today’s price action. Looking at the chart below, the prices recently broke a resistance level of $0.065. However, the momentum was not enough to retest the $0.1 resistance level, and the prices started a bearish move after hitting the $0.09 price level. The prices would later drop by 35 per cent before the current bullish trend started. Since April 12, the prices have increased by 8.5 per cent, and VeChain is currently trading at $0.064.
I expect the prices to continue with the current upward trend using the daily chart below. I also expect the prices to hit the $0.065 resistance level. There is also a high likelihood that the prices will have enough volatility to push them past the resistance level. If that happens, then the next price level will be the $0.1 resistance level. However, it is possible that the prices will not reach the $0.1 price level, even after breaking the $0.652 resistance level.
VeChain Daily Chart
