The VeChain price is currently in a solid position, as the market has been moving upward in recent hours, breaking previous highs. If the positive momentum continues, we predict VET/USD to test $0.123 barrier.

After a rather flat weekend for the VeChain price, the market has returned higher today. VET/USD began to move higher shortly before 6 a.m. UTC this morning, although still being in a critical zone. It has gained momentum since then, and is now trading above $0.10 once more. /

According to Coin Market Cap, VET/USD was up roughly 3% on the day to $0.106 at the time of writing, after briefly touching $0.110 earlier in the day. The next resistance level is at $0.123, which is the one-month high for this pair, but it is still one step ahead of that barrier, limiting further advances.

According to Coin Market Cap, the current market cap of VET is over $773 million, ranking it as the 19th largest cryptocurrency on the global markets. VeChain is now ranked 18th in terms of daily trade volume, with a volume of $57 million.

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

VeChain, like many cryptocurrencies, has been trapped in a long, seeing consolidation pattern. The price is attempting to break out of the several-day consolidation on the 4-hour chart, suggesting that it will likely reach further resistance at $0.123 soon today.



The technical analysis indicators for VET/USD are currently generally bullish, with no sign of any changes so far. The 100-day moving average and the short-term support and resistance levels both remain flat as we approach May, with all market factors remaining neutral for now. A break below $0.10 would likely result in more losses over the next few days, peaking at $0.09.

As further news breaks on the VeChain project today, we will keep our readers informed of any changes in this analysis accordingly. For example, it is expected that an announcement relating to the new Thor token will appear soon and may take the market price up by another 10% or more if this materializes positively.

We will do our utmost to provide all information for all projects within the cryptocurrency market but remind readers that the volatile nature of these markets means prices can change significantly even in 24 hours, so always check the prices themselves before trading based on our analysis.

VeChain Price Analysis: Conclusion

We expect VET/USD to test $0.123 resistance if the bullish momentum continues.

The break-out in VeChain has been positive, following a 3% gain in just over an hour this morning. As we approach May, we will likely see some volatility and more news on the project, so stay tuned for further updates and price analysis on VET/USD during the next few days. For now, though, we maintain our $0.123 target with caution until more information is available about the near-term trend direction, and it should be noted that there are still no signs of any changes to other technical indicators. Hence, current market factors remain neutral at this time.

Disclaimer: The information provided is not intended to be used as trading advice. We accept no responsibility for any investments made as a result of the information on this page. Before making any financial decisions, we strongly advise conducting independent research and/or consulting with a knowledgeable professional.