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VeChain Thor - VET Surge Begins Again With 95% Monthly Price Hike As Bulls Attempt To Break Feb Resistance

source-logo  coincodex.com 04 March 2021 13:35, UTC

Key highlights:

  • VeChain Thor saw another 6.21% price hike today as the cryptocurrency trades at around $0.051.
  • The cryptocurrency is now up by a total of 20% over the past week, with a further 95% price increase over the past month of trading.
  • Against Bitcoin, VET has bounced higher from the support at 90 SAT and is trading at 103 SAT.

Buy VeChain Thor on Binance

VeChain Thor price $0.050
Key VET resistance levels $0.0553, $0.06, $0.062, $0.065, $0.0693
Key VET support levels  $0.05, $0.045, $0.04, $0.0385, $0.0363

*Price at the time of writing

The price of VeChain Thor saw a 6.21% price hike today, allowing the cryptocurrency to climb above $0.05 and reach as high as $0.056 as it tests the February resistance level.

The coin had surged higher from the beginning of February, reaching a high of around $0.0626. Unfortunately, it could not close a daily candle above $0.553 and, after numerous attempts, it started to roll over and head lower into the support at $0.0385 (.618 Fib Retracement).

It has since rebounded from this support to reach $0.055.

VeChain Thor was founded in 2015 by Sunny Lu. It is designed to be a product management token that allows users to track and trace all raw materials through a product lifecycle. It enables traceability so manufacturers and consumers can be sure that their product is authentic and can trace each step along the manufacturing process and the supply chain.

It works by enabling manufacturers to assign unique identifiers to products and link them to the Vechain blockchain. It does this by inserting NFC chips, RFID, or QR codes into each individual product.

VeChain Thor is now ranked in the 33rd position as it currently holds a $2.88 billion market cap value.

Let us continue to take a look at the markets and see where they might be heading.

VeChain Thor Price Analysis

What has been going on?

Taking a look at the daily chart above, we can see that VET started to climb at the beginning of 2021 when it pushed higher from $0.02. It continued to slowly grind higher from there until it met resistance at $0.0363 toward mid-Jan 2021.

It could not overcome this resistance and started to head lower from there to meet the support at $0.025 by the start of February 2021.

VET did not manage to break the previous January high until the second week of February. After breaking above $0.0363, VET went on to surge higher, reaching an ATH price of around $0.0626. More specifically, VET was unable to close a daily candle above the resistance at $0.0553. It attempted to break this resistance on multiple occasions during February 2021 but failed on each attempt.

As a result, VET rolled over toward the end of February, driven by the strong 25% price decline in Bitcoin. Luckily, it managed to find solid support at $0.0385 (.618 Fib Retracement) toward the end of the month.

It held at this support for around a week until the start of March 2021, when it began to push higher again. Over the past two days, VET has now risen back into the resistance at $0.0553 as it attempts to break above it again.

VET price short term prediction: Bullish

VET is still strongly bullish right now but will need to produce a daily candle close above $0.0553 for this bull run to continue. The coin would need to drop beneath the support at $0.0385 (.618 Fib Retracement) to be in danger of turning neutral. It would have to continue further beneath $0.025 (200-day EMA) to turn bearish.

If the sellers push lower, the first level of support lies at $0.05. This is followed by $0.045, $0.04, and $0.0385 (.618 Fib Retracement). Additional support lies at the rising trend line (around $0.0363), $0.0319 (.786 Fib Retracement & 100-day EMA), and $0.03.

Where Is The Resistance Toward The Upside?

On the other side, the first level of strong resistance lies at $0.0553. This is followed by $0.06, $0.062 (1.272 Fib Extension), $0.065 (1.414 Fib Extension), $0.069 (1.618 Fib Extension), and $0.073 (1.272 Fib Extension - orange).

Beyond this, resistance lies at $0.0785 (1.414 Fib Extension - orange), $0.08, $0.0865 (1.618 Fib extension - orange), and $0.09.

What has been going on?

Against Bitcoin, VET had surged as high as 129 SAT during February but started to decline in the second half of the month. It spiked as low as 76 SAT (.786 Fib Retracement) before rebounding in the final few days of Feb.

This week in March, VET managed to push higher above the 200-day EMA at 90 SAT as it surged above 100 SAT yesterday to reach the resistance at 107 SAT (bearish .382 Fib Retracement).

VET price short term prediction: Neutral

VET is neutral against Bitcoin. A break above 124 SAT (bearish .5 Fib Retracement) would be needed to turn bullish again. On the other side, a break beneath 80 SAT is likely to turn the market bearish in the short term.

Looking ahead, if the sellers push lower, the first level of support lies at 100 SAT. This is followed by support at 91 SAT (.5 Fib & 200-day EMA), 85 SAT (.618 Fib), and 80 SAT.

Where Is The Resistance Toward The Upside?

On the other side, the first level of resistance lies at 107 SAT (bearish .382 Fib). This is followed by resistance at 110 SAT, 120 SAT, 124 SAT (bearish .5 Fib), 134 SAT (1.618 Fib Extension), 141 SAT (bearish .618 Fib), and 150 SAT.

Keep up to date with the latest VET price predictions here.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:

  • Ethereum Price Analysis - ETH Bulls Find Solid Support At Previous ATH and Force Rebound Above $1,500 (Bullish)
  • Enjin Coin Price Analysis - ENJ Price Explosion Continues With 300% Monthly Gains After Upgrade Announcement (Bullish)
  • ChainLink Price Analysis - LINK Finds Solid Support At .5 Fib Retracement And Sees Rebound Higher (Bullish)
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