VeChain Thor has seen a further price surge over the past 24 hours of trading totalling 8.66%, bringing the current trading price up to around $0.004708, at the time of writing. The market has now seen a further price boost totalling 21% over the previous trading week.
VeChain remains ranked in 23rd position as it currently holds a $260 million market cap valuation.
Let us take a look at the VET/USD market and highlight some potential areas of support and resistance moving forward.
VET/USD – 1 DAY CHART – MEDIUM TERM
Taking a look at VET/USD from the chart above, we can see that the market has broken up above the resistance at our previously identified falling trend line. The market continued to surge above this resistance as it smashed above the $0.0044 level.
We can see that price action continued to surge further higher, almost reaching $0.0050, but found resistance around the $0.004868 handle which price action has yet to overcome.
The current short term trend for the market is now bullish following the break above the falling trend line. For this market to be considered bearish, we would need to see price action drop beneath the $0.0040 handle.
Looking ahead, if the buyers continue to cause VET/USD to travel higher and break above resistance at the $0.004868 level, we can expect higher resistance to then be located at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.005237.
Higher resistance above this can then be expected at the short term 1.414 and 1.618 FIbonacci Extension levels (drawn in blue) priced at $0.005580 and $0.005908. If the bulls continue to cause VET/USD to climb above $0.0060 we can then expect more resistance to be located at the bearish .382 FIbonacci Retracement level (drawn in red) priced at $0.006435.
Alternatively, if the sellers regroup and begin to drive price action lower, we can expect immediate support below to be located at the short term .382 and .5 Fibonacci Retracement levels (drawn in green) priced at $0.004286 and $0.004096, respectively.
More support beneath this can then be expected at the short term .618 and .786 Fibonacci Retracement levels (drawn in green) priced at $0.003905 and $0.003634, respectively.
The RSI has reached overbought conditions which could indicate that the buyers have ran out of steam to climb further higher. If this is the case, we can expect price action to fall slightly into support before being able to climb higher and re-test higher resistance.