VeChain is one of the best performing companies so far this week, and technical indicators suggest that the price could rise further.
The global cryptocurrency market continued its recovery yesterday after last week’s losses. Bitcoin is trading above $54,000 and the market capitalization is again above the $1 trillion mark.
Ether, XRP, Binance Coin and Doge are also traded in green. VeChain (VET) is one of the best performing cryptocurrencies in the top 20, up more than 8% in the past 24 hours.
Some analysts, such as Quinten Francois, are optimistic that the PFE will reach the one dollar mark this cycle.
This is also what is happening in this cycle:
2 US DOLLARS
Don’t let this correction ruin your opinion of these #cryptocurrencies.
– Young Investor (@QuintenFrancois) 23. April 2021
House price forecast
The four-hour chart of VET/USD shows that the cryptocurrency is in a rally and may soon hit a new weekly high. TEV is trading at $0.20 each, which is above the 100-day simple moving average ($0.19) and the 100-day exponential moving average ($0.183).
Upside resistance is at $0.25. The four-hour chart shows that the cryptocurrency is currently in the accumulation zone due to a sideways price movement. If price breaks through resistance at $0.22, it will have enough bullish momentum to try to break through major resistance at $0.25. In an extended rally, VET surpassed its previous high of the month and moved closer to $0.30.
4-hour chart of VET/USD. Source: Coincide
The VET RSI is currently at 54, indicating a bullish presence in the neutral zone. The MACD is drifting into bearish territory, which is normal considering the VET is still bearish in terms of weekly price action.
However, if the bulls fail to rise above the $0.25 level, the bears could regain control. If this happens, it could bring attention back to the $0.15 support level. Nevertheless, VET has solid support at $0.15 and the bulls should be able to defend it. Otherwise, VET could fall below $0.13.