VeChain six hours price chart shows that the Golden Cross is quickly approaching, which suggests higher prices.
VeChain rebounded from the 50-week SMA. It posted a 15.22% increase last week and ended July with a slight decline of -1.65%.
VeChain price has increased 45.88% since July 21. This brings the cryptocurrency closer to the resistance of $0.099, where 200-day SMA is waiting to act as resistance $ 0.097.
VET is expected to make a sharp turn in the next few days. The upside move will attempt to overcome the 200-day SMA. If VET can break 200 SMA moving average resistance It will then test the 38.2% Fibonacci level at $ 0.133. This is a 58% increase. Due to price congestion in May and June, the 38.2% Fibonacci level will likely act as a strong resistance.
Read: Why So Many Multi Billion Dollar Business Chose VeChain To Build Their Blockchain Solutions?
The bullish Golden Cross:
The bullish Golden Cross displayed on the six-hour VeChain chart, will occur When the 50 six-hour SMA crosses over the 200 six-hour SMA. The November 2020 Golden Cross was the last on the six-hour chart, which resulted in a significant advance that made April’s high.
On the other side if resistance gains strength, and bears takes control, The downside is only protected by the 50-day SMA present at $ 0.08.
Read: Vechain CEO, Sunny Lu Interview By Fenbushi Capital
If the important moving average support brakes, This next major support levels are at $0.073. A more deeper correction could lead Vechain price to $0.059.
Michaël van de Poppe Vechain Analysis:
Michaël van de Poppe, The well-know trader, and technical analysis expert from Amsterdam Stock Exchange, gave his Vechain analysis.
He said on Twitter:
“VeChain is following the path.
For VET/BTC pair, Preferred scenario as 270 sats is critical resistance.
If another test of support around 210 sats holds, i am expecting bullish tests.
However loosing 210, i am looking at 100 and 155 sats.”
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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