VeChain (VET) Price Picks Up The Pace Surging Against The USD After Downside Retracement

VeChain News Today – Yesterday, the price of the VET token was stuck in a downtrend. It fell below the moving averages igniting a sell pressure that pushed the price lower yesterday. The bears took control of the market temporarily. Our VeChain news at the time stipulated that the price may remain in a downtrend for a while. Thankfully, VeChain was able to join the rest of the cryptocurrency market by breaking the bear trend and trading in green this morning. At the time of writing, the price of the token was still moving higher against the USD. How high will VeChain VET go?

VeChain Thor Price Prediction – VeChain News Today – VeChain Starts Surging, How High Will VET Go?

VeChain has formed strong support levels at $0.0072, $0.0070, and $0.0065. On the other hand, there are resistance levels at $0.0075, $0.0080, and $0.0085. If the price of VeChain is able to move above the resistance at $0.0085, it will test $0.0090 near-term. Crossing above the $0.0090 level will pave the way for more gains above $0.0100. VeChain hasn’t tested this levels in weeks. However, thanks to the current Bitcoin bull run, there is a high chance that it will.

VeChain (VET) Price Today – VET / USD

Name Price24H (%)
Bitcoin (BTC)
$10,596.00
7.33%
VeChain (VET)
$0.005715
3.90%

While the VeChain to USD trend shows evidence of a bull run, the case is different for the VeChain to BTC pair. VeChain is bearish against the USD. The bearish pressure intensified when the cryptocurrency fell below the 086 satoshi level. Analysts have suggested that if the price of VeChain continues to underperform against BTC, there is going to be a significant breakout later in the month.

Near-term, the VeChain VET to Bitcoin BTC trading pair is still bearish. The prices were initially trading near the resistance level but Bitcoin started to surge rapidly dragging the price of the cryptocurrency near the support area of the pattern.

VeChain News Today – VeChain Partnerships – Current Price Of VeChain VET

In the beginning of the year, we made a VeChain Thor price prediction that placed the price of the token as high as $1 by the end of the year. Our VeChain prediction was based on the fundamentals and technicals surrounding the token. From a fundamental point of view, the price of the token was expected to surge as the VeChain Foundation is making a lot of progress. Almost every week, we hear news about VeChain partnerships, one after another. These VeChain partnerships have mainly been with enterprises that have developed an interest in the VeChain blockchain. 

No doubt, these partnerships have supported a spike in the adoption of the blockchain. However, because many of them do not actually require the use of the VET coin, the spike in the price has not been significant.

At the time of writing, the price of VeChain was $0.007466. This means that it is up by 3.14% against the USD and down by 1.93% against the BTC. The trading volume over a 24 hour period is $28,876,673 and the market capitalization is $414,045,183. It’s possible for the price of VET to maintain the bullish rally throughout the weekend.

What do you think about the VeChain Thor price prediction in our VeChain news today? Share your thoughts about the price of VeChain in the comment section below.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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