Will VeChain (VET) hit $1 in 2022? Let's check out what resistance levels are blocking its way!
With Bitcoin (BTC) breaking out of the 2-month consolidation range, market participants are getting more confident and looking for potential altcoins.
) has one of the largest communities in the crypto industry which may result in the price of the coin going up rapidly, whereas other coins may roll over and fail. Therefore, in this technical analysis
, we will use multiple technical indicators
to find if the coin is fit for the next bull run.
In the VET/USDT 1-day chart, the price has been accumulating in the range of 0.06 and 0.04. After breaking the supply zone at 0.0625, it is now moving forward to break the 0.083 level. If it gets rejected here, buying at this supply zone in anticipation of a flip of the level is wise. The price is in an uptrend, therefore, buying dips is advised instead of selling at this moment.
As outlined in the chart there will be significant liquidity
around the 0.19 level. This target area is quite far, for now, however in the future, if the price flips the 0.083 level and carries its uptrend, 0.19 could be seen as a target.
The VET/USDT weekly chart paints a slightly different picture. The price has been rejected at the 0.1 supply zone.
would ideally want to see this level flipped, not only because it is a massive supply zone, but because it will also break the bear market
structure. This could then give it the momentum to move through the trendline for a much larger move. However, right now, it is likely that the price will get rejected and test the 0.061 level. This level should hold if there is still bullish momentum.
BTC and ETH are leading the market currently. It, therefore, makes sense to compare VET to BTC and ETH. This is since you are taking more risks by holding VET coins.
VET/BTC has been in a consistent macro downtrend for almost a year now. However, after breaking out of the trendline and the bear market structure, it is moving forward to test higher levels. Providing that the retest of the 160 sats supply zone sparks more buying interest, the next level of interest is 215 sats. If the price does start to break below the supply zone at 140 sats, it will likely test the 120 sats area again. This scenario will be good for BTC bulls, however, for VET holders, they would be losing profits in comparison to BTC.
On the weekly chart, the price has broken through the trendline. It has since not shown much bullish momentum to the upside. As you can see above at 200 sats, there is a clear supply zone. This can be observed by the number of wicks showing rejection in attempts from buyers to push the price up. If the price moves down and tests 145 sats, buyers must step in, otherwise, the price will end up testing the lows again. The previous weekly candle also has no bottom wick, which is not particularly bullish.
VET/ETH seems to be forming a range between 0.00002540 and 0.00001691. Since the price has just tested the higher level, it is likely that at some point it will return to the lower level. It can, therefore, be inferred that it is better to hold ETH than VET. The only way in which this would change is if 0.00002540 is flipped, which would then allow a move to around 0.000034. Although being short-term bearish on the pair is wise. The price has broken its bearish market structure recently, therefore, longing any dip would make sense. Areas around 0.00002 would provide a good entry.
- In the VET/USDT 1-day chart, the price has been accumulating in the range of 0.06 and 0.04. After breaking the supply zone at 0.0625, it is now moving forward to break the 0.083 level.
- On the weekly chart, the price has been rejected at the 0.1 supply zone. VET bulls would ideally want to see this level flipped.
- VET/BTC 1-day chart has been in a consistent macro downtrend for almost a year now that has been broken recently. Providing that the retest of the 160 sats supply zone sparks more buying interest, the next level of interest is 215 sats.
- The weekly chart shows a similar picture, however, after being rejected at 200 sats, it may test the 145 sats level.
- On the VET/ETH, 1-Day chart price seems to be forming a range between 0.00002540 and 0.00001691. The price has just tested the higher level; it is likely that at some point it will return to the lower level.
In conclusion, we can derive from the charts that on the daily charts, the price is bullish, however on the weekly charts, the price has not flipped the bear market structure. Therefore, for short-term traders, longing would be a wise option, whereas for longer-term holders, making a swing trade
here is not advised.
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