Vechain (VET) Price Analysis: Vechain Is in a Sideways Trend, Faces Rejection at $0.095

31 March 2021 | Updated: 31 March 2021

Key Highlights
Vechain price rallies to level $0.09 and resumes sideways move
The altcoin has a target price of $0.11

Vechain (VET) Current Statistics
The current price: $0.08638
Market Capitalization: $7,491,123,024
Trading Volume: $7,491,123,024
Major supply zones: $0.10, $0.11, $0.12
Major demand zones: $0.07, $0.06, $0.05

Vechain (VET) Price Analysis March 31, 2021
Vechain has been in a smooth uptrend since February. The uptrend has been interrupted on March 21 as the altcoin resumed a sideways move. The bulls were resisted at the high of $0.095 as price declined to $0.076 low. The uptrend will resume if the bulls break the resistance at $0.095. On March 23 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates. VET is likely to rise to level 1.272 Fibonacci extension and reverse. That is the high of level $0.11.

VET/USD – Daily Chart

Vechain (VET) Technical Indicators Reading
VET is at level 61 of the Relative Strength Index Period 14. It indicates that the altcoin is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. VET is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

VET/USD – 4 Hour Chart

Conclusion
On the 4- Hour chart, Vechain is in a sideways trend below the resistance at $0.095. Each time price retested the resistance zone, the altcoin will fall to the low of $0.08. On March 27, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the altcoin will rally to level 1.618 Fibonacci extension or the high of $0. 10.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.