After setting a new price low of $0.024 two weeks ago, VeChain started a new aggressive bullish trend that saw it rise by 41 per cent. However, the prices quickly started to retreat downwards. Since then, the prices have failed to return to the recently set monthly highs of $0.034 instead of trading sideways for more than a week.
In today’s trading session, Vechain is up by 2 per cent. The bullish move comes after the past two consecutive bearish moves resulted in a drop of 12 per cent. Today’s price gains come amidst an improved trading volume, which has seen the value rise to $249 million in the last 24 hours. This has been a 13 per cent increase in trading volume. Normally, when there is such a significant trading volume increase in a cryptocurrency, the surge is translated into the markets, as seen today.
In today’s trading session, VeChain is up by two per cent. However, the prices have been trading sideways for more than a week after setting a new monthly high of $0.034. The session also looks highly likely to close at a higher price level.
However, looking at the chart below, we can see the prices are trading in a sideways market. In the past few days, the past gains have been wiped in the next few sessions. The prices have also not been able to break the $0.034 resistance level.
Therefore, my Vechain price prediction, based on the chart below, expects the prices to continue trading in the sideways market. Today’s prices will most likely be wiped in tomorrow’s or the next day’s trading session. Based on past historical data, I expect the sideways market to persist into the coming weeks.
However, if the prices break above the $0.034 resistance level, then my sideways analysis will be invalidated. It will also mean a possible bullish trend reversal. If the prices close above the resistance level, then a $0.05 price level will likely be hit.
This post was last modified on %s = human-readable time difference 14:43