The VeChain project has been making headway when it comes to real-world applications of its blockchain technology. My Story is one such recent development that presents the use of blockchain to address specific problems. VeChain price seems to be rising after the recent debacle and hints at a continuation of the trend.
VeChain price surged roughly 30% on May 24, signaling the increase in buyer pressure. However, this price rally slowed down as profit-booking intensified around the resistance support level at $0.121, which coincides with the 100-day Simple Moving Average.
Now, the VeChain price could either retrace 12% to the support barrier at a price of $0.0984 and then advance higher or continue its climb from the current position at $0.110.
If the first scenario comes to pass, the VET buyers will have more time to accumulate, allowing the price upswing to have more oomph. In this case, the VET price will first encounter the ceiling at $0.121, coinciding with the 100-day SMA. Breaching this confluence will indicate the presence of massive buying pressure, which may help extend this ascent to the supply zone, ranging from price of $0.127 to $0.142.
All in all, this Vechain move would represent a 45% upswing.
However, if the retracement level mentioned above fails to manifest, the Vechain price might surge 26% to tag the resistance area’s upper boundary at a price of $0.142.
While the VeChain adoption seems to be going well, things might go awry if the VET price slices below the price of $0.0825 support level. Such a move would invalidate the VET bullish thesis detailed above and trigger a 13% sell-off to the 200-day SMA at a price of $0.0720.
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