- VeChain listing on Bitpanda fails to create bullish momentum
- VET/USD tried to force a recovery but failed to do so
- VET/USD rose to $0.0134 the highest position since September but fell again
VeChain News Today – recall that Bitpanda recently added VeChain’s VET token to its exchange. Many were hoping the announcement that confirmed the listing of VET on Bitpanda will boost the bullish momentum of VeChain. The opposite is the case. Even though the news left VET traders happy, today many of them are not impressed. After the listing, VET/USD moved to $0.0134. This was the highest position it had attained since September 5.
However, it failed to hold this position. Instead, it dropped to $0.0121 at press time. Despite this decline, VET is still higher by 4.6% higher than what it was this time five days ago. The coin is currently the number 26th largest cryptocurrency by market cap according to ConMarketCap’s rating (with a $666 million market valuation).
VET/USD Reached $0.0228 on August 9
VET/USD reached $0.0228 on August 9 on the daily chart. Since then, it has lost ground steadily and reached a bottom of $0.0110 on September 7. VET price has consolidated in a range of $0.0110 and $0.0150. The long-term charts show no clear reversal signals for the coin at press time. The Doji candle via the weekly chart indicates that the market is set to pause on the way down.
Hence, if the above-mentioned channel support succeeds in its breakthrough attempts, the VET/USD pair may resume an upside move with the first target of $0.0150. The next target will be a solid move to $0.0170 and 50-day SMA. As well as the psychological $0.02 area. On the other hand, if VET initiates a sustainable move below the $0.0110-$0.01 area, it will knock the last bottom out of the way and push towards the $0.008 mark and 50-day SMA.
VET May Spend Some Time Consolidating at its Current Level
A cluster of 2 million VET addresses with a breakeven point as the coin approached $0.01 gives the channel support area credibility. Traders are happy to defend this position by strengthening their hand. The price will rebound and move to the local resistance. Looking at the upside, $1.8 million addresses are waiting for an opportunity to breakeven after VET reaches $0.0150. This supply position coincides with the VET’s channel resistance. It also supports range-bound trading in the long-term.
The failure of VeChain’s listing on Bitpanda to sustainable bullish action means the coin could spend time consolidating at its current level. All recent sell-off attempts might be limited to $0.01. If this area is breached, the sell-off will begin to snowball. Any move above $0.0150 will mitigate the bearish pressure. Such a move will also improve the short-term technical outlook