- VeChain (VET) is holding in sideways trade amid the ongoing market dip
- VET was exchanging hands at $0.130, up by 1.09% in the last 24 hours and 31.33% weekly
- The VeChain network upgrade & hard fork will take place on 7th June 2021 at the mainnet block height of 9,254,300
The cryptocurrency market presents mixed trading on Saturday. Bitcoin and a handful of Altcoins remain down on a 24-hour basis. VeChain (VET) is holding in sideways trade amid the ongoing market dip. At the time of writing, VET was exchanging hands at $0.130, up by 1.09% in the last 24 hours and 31.33% weekly. Ranking 20th largest, VeChain has a present market cap of $8.43 billion and $1.32 billion in trade volume over the last 24 hours. Binance will support the VeChain Network Upgrade & Hard Fork scheduled to take place around 08:00 (UTC), 7th June 2021 at the mainnet block height of 9,254,300. The VET network upgrade & hard fork (VeChain thor v.1.5.0) is aimed to maintain compatibility with the latest Ethereum virtual machine and will not result in new tokens being created.
Resistance Levels: $0.2537, $0.2000, $0.1551
Support Levels: $0.1220, $0.1003, $0.0569
VET/USD Daily Chart: Ranging
VET/USD Daily Chart
VeChain remains in sideways trading after its decline to lows of $0.04 on May 19. The VET/USD pair currently trades in between the moving averages 50 and 200 which act as resistance and support. The technical structure suggests short-term sideways moves as the RSI hovers near the 50 neutral marks. Buyers could face congested obstacles pushing above the immediate barrier at the $0.155 level ahead of the MA 50 ($0.17).
Next, the $0.241 -$0.249 barrier may impede VET price from testing the April 17 all-time highs from the $0.28 peak. Alternatively, if sellers resurface and steer VET price down, support may originate from the neighboring lows at the $0.11 level ahead of the $0.09. Beneath this level, the MA 200 at $0.07 may hinder the VET/USD pair from reaching the critical support base of $0.04.
VET/USD 4-Hour Chart: Ranging
VET/USD 4-Hour Chart
On the 4-hour chart, VET is resting on the $0.1206 level, that being the MA 50 while capped on the upside by the MA 200 at $0.155.the RSI is supporting the consolidation phase while at the 50 thresholds. Upside moves are likely to find immediate resistance at $0.1528 before challenging the MA 200 at $0.155. Rising above this area, the focus would initially shift towards $0.24 and then to the $0.28 all-time highs.
Otherwise, if sellers dip below the MA 50 at $0.1206, the price may come to rest between $0.09-$0.10 levels ahead of the May 23 low of $0.065. Steering under this, the May 19 market crash low of $0.045 could come into play. Summarizing, VET/USD price action remains constricted between the MA 50 ($0.1206) and MA 200 ($0.155) boundaries. A move below or above could indicate the next price course.
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