Vechain price targeting higher marks above previous all time highs

Vechain price prediction summary

• VeChain price prediction is showing bullish momentum.
• VET/USD resumes consolidation range
• VeChain preparing to test previous ATH points.

The VeChain price prediction is currently trading at a high, and the upward momentum has been strong in recent hours, resulting in the previous highs being broken. If the bullish trend continues, VET/USD will most likely test resistance at $0.123 next.

Over the past 24 hours, the market had a lot of enthusiasm. Bitcoin advanced 6.99 percent, while Ethereum increased by 6.13 percent, bringing it closer to becoming the dominant cryptocurrency. Shiba Inu (SHIB) is the standout performer, with a rise of more than 36%.

VeChain price prediction shows VeChain will resume to consolidation range

The VET/USD pair showed modest volatility during the last 24 hours, trading in a range of $0.1056 to $0.1178. Volume has increased by 27.1 percent, and the market capitalization stands at around $7.53 billion, putting it in the 27th position overall.

VET/USD 4-hour chart: Vechain preparing to break higher?

On the 4-hour chart, we see VeChain’s price attempting to break out of a four-day consolidation, which may lead to further resistance at $0.123 later today.

VET/USD 4-hour chart. Source: TradingView

The VeChain price action has been confined for several days this week. At the conclusion of September, a fresh significant swing low was established at $0.082.

On the 1st of October, VET/USD tested a previous resistance at $0.11. A brief halt followed with a modest spike higher to $0.115 before support was found at $0.105.

The VeChain price has stayed locked within this support and resistance range since then, with no clear indication as to where the next move will take it. Bulls recaptured control today, pushing VET/USD above previous highs, which could lead to further gains later today.

VeChain Price Prediction Conclusion 

The VeChain price is presently trading at a premium, with buying pressure building this morning, resulting in a modest advance above the previous highs. As a result, ETH/USD might finally break out of the range and rise to the next resistance level at $0.123.