VET seems to be in a rally to the 0.25 US dollar mark

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VeChain has been one of the best performers since the beginning of the week, with technical indicators suggesting price could rise even further

The cryptocurrency market continued its recovery after last week’s losses yesterday. Bitcoin is currently trading at over $ 54,000, with its market capitalization once again exceeding the $ 1 trillion mark.

Ether, XRP, Binance Coin and Doge are also traded in the green area. VeChain (VET) is one of the top 20 cryptocurrencies with the best performance and has increased by over 8% in the last 24 hours.

Analysts like Quinten Francois are optimistic that VET will reach the $ 1 mark this cycle.

VET-Price forecast

VET / USD’s 4-hour chart suggests that the cryptocurrency is in a rally and could soon reach its weekly high again. VET trades at $ 0.20 per coin, which is above both the 100-day SMA ($0.19) and the 100-day EMA ($0.183).

The upward movement is met with resistance at 0.25 US dollars. The 4-hour chart indicates that the cryptocurrency is currently within an “accumulation zone” due to its lateral price action. If price overcomes resistance at $ 0.22, it will have enough momentum to start the big resistance at $ 0.25. A sustained rally could lead VET to exceed its previous-month high and head towards $ 0.30.

4-Hour Chart VET / USD. Source: Coinalyze

VET’s RSI is currently 54, indicating a bullish presence in the neutral area. The MACD is located in the bearish area. That’s fine, considering VET is still pretty low in terms of weekly price performance.

If the bulls are unable to initiate a significant recovery above the 0.25 US dollar mark, the bears could take control again. In this case, the level of support at 0.15 US dollars could come back into focus. There, however, VET has formed a strong support, and the cops should be able to defend them. If not, VET could fall as far as 0.13 US dollars.