By Franklin Smith
Briefly-
- VeChain price appears northward despite reversals from 6-month peaks.
- VET bulls appear optimistic while holding above the vital support at $0.1490.
- The bullish RSI confirms VET’s road with few resistances to be the upward one.
VeChain saw its price entering a bullish consolidation phase after a retracement from half-yearly peaks of $0.1898. For now, VeChain bulls appear to rest before planning the upcoming higher move. Though the latest inactive performance by the coin’s price, VET bulls remain determined, motivated by the upsurge predictions from cryptocurrency experts.
Recently, crypto expert Justin Bennet tweeted that Bitcoin rising beyond $65,000 equals VET at $1.60 before we end December. If the market supports the narrative before the year-end and retains the cycle until 2022 March, VET might hover in the price range at $2 – $3. That is according to Bennet.
Also, the increased adoption supports the sentiment surrounding VET. Keep in mind that developers have used the VeChainThor blockchain to launch an increasing list of applications. Market specialists point that VET’s blockchain technology exists to solve problems facing the real world, especially as the global economy encounters a supply chain crisis.
VeChain Looking for Acceptance beyond $0.1650
The daily price chart by VeChain indicates that VET struggles to build on the minor rebound recorded during Saturday’s sessions as sellers still lurk around $0.1650. A significant break past this level can revive interests by bulls, helping restart another upsurge towards the coin’s 6-month peaks.
$0.20 can be the next target for VeChain bulls. With more optimists to rally higher, VET might challenge the 12 May levels at $0.22. Meanwhile, the 14-day RSI remains somewhat flat at this publication, reflecting VET’s current side trend. However, the indicator sits beyond the 50-mark, showing upside risks.
VeChain has to motivate buyers by holding above the crucial support of $0.1490 to encourage bullish potential. Keep in mind that the latest range lows and the 21-DMA plus the climbing trend-line support coincide at this level.
If the alt closes under this critical support, VET will experience a steep plunge towards 50-DMA near $0.1277. Further southwards can have the alt tagging the support at $0.12, comprising the 100- and 200-daily MAs. Although such possibilities, VeChain price remains primed for upside actions.