Any hopes that the VeChain Mainnet upgrade would spur bullish VET price predictions took a hit this afternoon after a modest selloff in the crypto market this Tuesday. Led by a fall in Bitcoin prices below 60K, VET/USDT also slumped intraday, but bulls were able to resist any steep declines, which keeps the pair supported.
VeChain finally upgraded its Mainnet, making the VeChanThor v 1.6.0 live on the network. This upgrade involved activating the PoA2.0 Phase 1 protocol, as indicted in a tweet by the VeChain Developers account. Some exchanges will suspend trading of VET chains while they migrate to the new PoD protocol.
VET Price Prediction
The intraday bounce on the 0.14255 support level has maintained the integrity of the channel. However, the 0.16132 barrier to the north presents an uphill challenge for the bulls. A rejection at that point followed by a pullback puts the channel’s trendline under pressure. A breakdown of the price channel and a closing penetration below 0.14255 that fulfils price and time filters opens the door for the bears to aim for 0.12787. Below this level, the 200-day moving average and the 0.09929 support (8 June and 7 September highs) form additional targets to the south.
On the flip side, we can expect a challenge of the 0.18449 price resistance if the bulls can carry the momentum of the intraday bounce and overcome the barrier at 0.16132. Only when the bulls take out the 4 May low at 0.18449 can bullish VET price predictions start to count. Potential targets would be at 0.2000 and 0.21292 (11 May high).
VET/USDT: Daily Chart
Follow Eno on Twitter.