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VeChain Price Records New Yearly High! What’s Next For VET Price This Week?

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VeChain Price Records New Yearly High! What’s Next For VET Price This Week?

The VeChain price continues to trade sideways amid increased price volatility in the crypto market. The coin displayed a notable run during the past week by adding over 36% to its portfolio. Moreover, the VET price has recorded a new yearly high during the early trading hours today, indicating a bullpower in the market. 

The VET price traded in a consolidated range between $0.02072 and $0.02313 for about a week, after which the bulls gained power over the bears, resulting in the price breakout of the range.

However, the rally was short-lived as the price faced rejection at $0.02593, after which the price traded sideways for a while. As the market gained momentum, the price jumped over 22% following which it faced rejection at $0.03166.

VeChain Price Analysis

TradingView: VET/USDT

After multiple attempts and a minor correction in its value, the bulls regained power and jumped over 31%. Following this, the price traded sideways in a narrow space between $0.03166 and $0.03400 for a while, after which the bulls gained just enough momentum to break out of the range.

Since then, the price has been trading in a range between $0.03400 and $0.03687. Recently, the price successfully broke out of its key resistance level, indicating an increased bullish influence in the crypto space.

The technical indicator, MACD, displays a rising green histogram, indicating an increase in buying pressure. Moreover, the averages show a bullish convergence, highlighting the coin is about to gain massive price action this week.

Will VeChain Price Go Up?

If the bulls hold the price above the support level of $0.03687, the VET price will continue gaining value and prepare to test its resistance level of $0.0400 in the coming days.

Maintaining the price at that level will set the stage for VeChain price to attempt to test its upper resistance level of $0.0420 this month.

Negatively, if a trend reversal occurs, the Vet token will lose momentum and fall to test its support level of $0.0340 soon. Further, if the bears continue to dominate the market, it will fall and prepare to test its lower support level of $0.03166 in the coming week.

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