- VeChain price has jumped sharply from the lowest level this month.
- This recovery is mostly because of the announcements by large companies.
- Technical analysis points to more gains as buyers target $0.0195.
VeChain price has staged a strong reccovery in the past few days. It has jumped in the past five days straight and is now sitting at the highest level since June 7th of this year. Like other altcoins, the coin has jumped by more than 20% this week, making it the best week in a few months.
VET price is soaring because of the ongoing demand for cryptocurrencies as more large companies embrace Bitcoin. Blackrock filed for a Bitcoin ETF last Friday. And this week, other companies like Invesco and WisdomTree announced that they had applied for their Bitcoin ETFs as well.
These news events don’t have anything to do with VeChain and other altcoins like Cardano, Jasmy, and Avalanche. However, they are positive for a sector that has come under intense regulatory pressure in the past few weeks. The SEC has already filed charges against exchanges like Coinbase and Binance. So, let us do a multi-timeframe analysis to predict what to expect.
Read more: How to buy VeChain.
VeChain price prediction (daily chart)
The chart below shows that the VET price formed a head and shoulders pattern on the daily chart. In price action analysis, this pattern is one of the most bearish ones in the market, which explains why it dropped to $0.013 this month.
VeChain has now bounced back and moved above the important resistance point at $0.0153, which was the lowest point this year. It is now attempting to move above the important 25-day and 50-day exponential moving averages (EMA). Oscillators like the Relative Strength Index (RSI) and MACD have also risen.
Therefore, this chart implies that the VET price has more upside as buyers target the key resistance level at $0.0195, the lowest level on March 10th of this year. More gains will be confirmed if it moves above this level. Failure to do that will see the VeChain price resume the bearish trend.
VET price forecast (4H chart)
Meanwhile, turning to the 4H chart, we see that the VET crypto price has been in a strong bullish trend in the past few days. It has managed to cross the important resistance point at $0.016, the highest point on June 13th.
VeChain has jumped so high that the 25-day and 50-day moving averages have made a bullish crossover pattern. The Relative Strength Index (RSI) has moved to the overbought level. Therefore, like in the daily chart analysis, I suspect that the coin will rise and retest the resistance point at $0.019, which is about 10% above the current level.
