VeChain is bullish today. A move towards the $0.155 resistance is likely in the next 24 hours.
The cryptocurrency market has been trading in the green for the past 24 hours. Bitcoin is up 2%, while Ethereum is up around 1.68%. Filecoin (FIL) is up 25 percent and is among the top performers today.
VET/USD opened at $0.14 after a slight bullish close yesterday. The resistance at $0.14 is currently being tested, suggesting that VET is likely to move higher in the next 24 hours.
We are witnessing moderate volatility as VET/USD is trading in the $0.1235 – $0.1397 range. 24-hour trading volume increased by 11.7% to reach $1 billion. Its total market cap is $8.74 billion, which puts the cryptocurrency in the 20th place overall.
On the 4-hour chart, we can see that VeChain price is preparing to break above the previous high of 14 cents. This means that the overall market is poised to rise even higher this week.
What’s next for VeChain?
The cryptocurrency market continues to bounce back from the bearish momentum of the past weeks. On May 23, VeChain price set a higher low and started to climb higher to $0.14, where the previous resistance was retested.
Last week, VET/USD retraced and marked a higher low at $0.095. In the continuation, the market rallied over the past few days, approaching the previous $0.14 high. Therefore, VeChain price is likely to continue higher in the next 24 hours and reach the next resistance at $0.155.
Once the $0.155 resistance is reached, the overall VeChain price action momentum could turn bullish and it’s possible for VeChain to set an all-time high by the end of this month.
The market has rallied over the past few days and VeChain price analysis is showing bullish signs as it currently tries to break the $0.14 resistance. Therefore, it is possible for VET/USD to reach the next resistance at $0.155 in the next few days.