VeChain is a cutting-edge blockchain platform that seeks to transform how companies and individuals track various products through the entire supply chain.
The blockchain runs on the VeChainThor platform, allowing users to assign a unique identifier known as VID to each item. Once an item has a VID, it can be tracked across the entire supply chain.
Luckily for users, the VID can be anything from an RFID tag, QR code or a Near Field Communication (NFC) tag, making the platform highly flexible regarding the items it can track.
The VeChain price recently rallied 66.18% in the past month, driven by the resurgence witnessed across the entire crypto industry led by Bitcoin and Ethereum. Still, the rally seems to be fading as the VETUSD pair trades sideways.
Despite the latest rally phase losing steam, we are yet to see a flood of selling pressure marked by long red candles that could erase all the recent gains. Instead, we have seen a series of red and green candles on the daily chart.
Therefore, this means that the bulls and bears are fighting to control VeChain’s price, which is good since it implies that the bears have not won yet, giving the bulls a fighting chance to take over and push prices higher.
If the bulls win, the next crucial resistance level is at $0.0957, after which the $0.10 level comes into play. However, the next significant resistance level is at $0.1398 ($0.14), giving investors a decent return from the $0.10 level. Therefore, investors should watch for a break above the $0.10 level, leading to further gains.
On the downside, the next support level is at $0.0604, with the $0.0694 level providing some moderate resistance. A break below the $0.0694 level would bring the $0.0604 level into play. However, a break below the $0.0604 level could lead to February lows at $0.04.
Therefore, investors should sit tight at the moment until we get a clear break higher or lower, signifying that either the bulls or bears are in control of the price. Traders stand to make money from either move by trading VeChain CFDs or futures.
*This is not investment advice. Always do your due diligence before making investment decisions.
VeChain daily price chart.
The Vechain price has risen 66.18% in one month, but the rally seems to be fading. What’s next?
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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading