VeChain Price Prediction: Further Upside Depends on Resistance Break Following 4-day Surge

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Written By: Eno Ikenna Eteng

Aug 16, 2021, 12:21 BST 12:21

Summary:

VeChain price prediction bets are getting more bullish as Simplex integrates the VET token, but a resistance barrier exists.

Bullish VeChain price prediction bets have appeared on the horizon over the latest partnership of the VeChainThor network. VeChain has been added to the crypto exchange platform Simplex, allowing users to purchase the VET token using fiat pairs. Traders can also trade VET for cryptos and fiat pairs on Simplex.

By this integration, users who prefer to purchase VeChain using their fiat payment channels now have it easier to do using Simplex. This integration makes it possible to buy VeChain directly across all Simplex partner networks such as Guarda and Digifinex wallets.

The VET/USD pair is currently trading higher for the 4th consecutive session, but Monday’s gains are limited by the presence of the 0.1437 resistance level.

VeChain Price Prediction Outlook

The 0.1437 price mark serves as the resistance to beat at the moment. A break of this level opens the door towards 0.1627 (19 May high), with additional targets at 0.1873 and 0.2247 (27 April/2 May highs).

On the other hand, a pullback from 0.1437 allows the bears to push towards 0.1173 (14 June/11 August highs). A further decline targets 0.0973, with 0.0716 and 0.0604 completing the downside targets of note.

VET/USD: Daily Chart

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Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.