The VeChain price has been relatively boring in the past few weeks. VET is trading at $0.03, which is 165% above the year-to-date low of $0.0126. It is also slightly below the double-top level of $0.035.
VeChain news: The VeChain price has risen by more than 10% today in part because of the overall performance of other cryptocurrencies. This performance is mostly because of the performance of Bitcoin, which is nearing its next resistance at $50,000. That’s after Tesla said that it had acquired more BRV worth about $1.5 billion. Other cryptocurrencies tend to rise when BTC rises also.
Another major VeChain news was that Kucoin, the giant Asian exchanged decided to launch its VeChain futures contracts. Analysts believe that this will attract some demand for the currency.
VeChain price technical outlook
In my previous article on VeChain, I predicted that the price would break-out to about $0.04. That did not happen as the price faced a substantial resistance at $0.035, where it formed a double-top. The neckline of this pattern is $0.024.
In technical analysis, a double-top pattern usually sends a bearish signal. Therefore, I believe that in the near term, VET price may give up some of these gains and retest the $0.0138 level. The distance between the neckline and the top is the same as from the neckline to the forecasted level.
However, if the price manages to move above $0.035, it will mean that the previous forecast of $0.040 is possible.
VET price chart