VeChain price prediction: VET/USD is bullish for the next 24 hours

TL;DR Breakdown

• VeChain price prediction is bullish for today.
• VET/USD is trading at $0.0914.
• VeChain is likely to move higher today.

VeChain price prediction: General price overview

The Vechain price forecast is bullish today, as the $0.09 support level has yet to be broken. As a result, we anticipate VET/USD to reverse and reclaim the nearest resistance at $0.123.

VET/USD has been a strong performer throughout today’s session as it moves higher once again. The market has now entered into a consolidation phase, as it trades within a tight range between $0.092 and the resistance provided by the 23.6% Fib retracement level with the last decline from the $0.123 high to $0.091 low at around $0.10 area. We believe that VET/USD is likely to breach this range in the coming sessions and resume its uptrend.

However, we must consider that VeChain is still below the 100 and 50 simple moving averages (SMAs), which means it will face strong resistance around the 76.4% Fib retracement level with the last decline from the $0.123 high to $0.091 low at around $0.123 area. Should this level be broken, it would pave the way for a test of the next significant resistance provided by the full Fib retracement level, with the last decline from the $0.123 high to $0.091 low at around $0.135.

VET/USD 4-hour chart: VET look to move higher today?

As the market has moved higher in today’s session, we believe that VET will keep on moving towards its next resistance level at $0.123 in the coming hours. However, it is likely to find decent support around the $0.092 level before this happens, significantly bolstered earlier today.

VET/USD 4-hour chart. Source: TradingView

The VeChain price has been highly unpredictable this month. After several days of gaining momentum, the market price climbed to $0.155 on September 7th, only to plummet the next day. The market aims to break out of the $0.092 support level again and test the resistance at $0.123 on September 10th. The 4-hour RSI broke above 50, but it’s still below 60. This suggests that there might be bearish pressure in the near term, and we could see a drop towards $0.092 again.

The market managed to hold the $0.092 support level, so we expect VET/USD to move higher in this trading session. The 100 SMA is still above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. Also, RSI is already recovering from the 40 level and is moving back up, which means there might be bullish momentum in play.

The price of VET/USD fell more than 30% in a single day before stabilizing at the $0.11 level. Over the following week, VET fluctuated between the $0.11 and $0.123 range, with several attempts at support and resistance, before settling back around the $0.12 mark.

VeChain Price Prediction: Conclusion 

Today, the VET/USD pair is having a good day as the market retested support at $0.11 and appears poised to reverse. We expect VET/USD to move towards the $0.123 resistance in the coming days, as it reclaims its previous highs.

Also, read our Algorand price predictions.