As the price of Bitcoin (BTC) has consolidated into a range, altcoins have moved back and forth. A few achieved massive triple-digit concentrations and others like Zilliqa (ZIL) have recovered 1,400% since March 12.
VeChain (VET) has had another great performance and to date, this altcoin has recovered 650% since bottoming out in March and another 150% in the last thirty days. After such strong moves, it is natural to see some exhaustion among buyers, but let’s dig deeper into the charts to see what each one looks like.
VeChain breaks the massive barrier after 18 months
The VET/USDT chart shows that the pair has broken through the 0.008-0.0087 resistance level. This resistance has been acting for over 18 months and has been tested many times.
The FP also beat the 100 and 200 day moving averages, which is a significant indicator of bullish and bearish markets. As the price is acting above the moving average, it can be concluded that the market is operating in bullish territory.
The second interesting fact is the increase in volume since November 2019. Such an increase often leads to accumulation and shows an increased interest in the asset.
Finally, the resistance zone at $0.008- $0.0087 has already been tested seven times. This level has been providing massive resistance for the past 18 months. After multiple attempts, the VET managed to make a breakout and is expected to continue upward.
It is essential that the previous resistance between $0.008- $0.0087 be maintained for the upward continuation to occur. As long as this range holds as support, the next resistance zones could be tested shortly at $0.012-$0.0145.
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VET/BTC still faces significant resistance
The VET/BTC pair is facing significant resistance as shown on the daily chart.
The resistance zone of sats 0.00000100-0.00000105 has been kept resistant to cracking. However, once the resistance is broken, a continuation of 0.00000150 is likely. It is important to remember that Crypto Cash has witnessed a substantial increase of 140% in a short period and this usually ends with a period of consolidation before continuing upward expansion.
In this case, the above resistance zone at 0.00000078-0.00000081 sats could provide a test of support, and this defines a limited range period. During this, the volume is exhausted and the price begins to become less volatile, through which a break below 0.00000080 sats or above 0.00000105 sats could lead to a high volume move.
Traders should watch for the VET to reach 0.00000080 sats. If the level provides support, a new test of the 0.00000105 sats level could occur.
After several tests, a breakout of this resistance zone could also occur and this could lead to a bullish rally to 0.00000150. However, losing the 0.00000080 sats zone would imply a continuation downwards towards 0.00000060 sats.