- VeChain Price Prediction suggests significant rise is possible in coming months.
- VET Price struggles to defend the $0.02000 level.
- The Vechain crypto price is trying to climb above the 50 day EMA.
VeChain Price Prediction suggests significant rise is possible in the coming months. The VET price defended $0.02000 support and entered into the narrow range consolidation for the base formation.
VeChain crypto is trying to push the price above the 50 day EMA to turn the short term trend in upward direction. However, the price is still below the 200 day EMA which will act as a strong hurdle for the bullish traders.
VET Price is down by 24% approx from the recent swing high at $0.02664 and formed a bearish pattern. However, the downfall seems to be halted near to the yearly lows and showing signs of bullish trend reversal.
The trading volume in the VeChain crypto is on a decline phase shows less participants are active. However, if the volume increases in coming months then it might be an indication of trend reversal and genuine buying.
VeChain price is trading at $0.02002 with an intraday rise of 0.30%. The 24 hour volume to market cap ratio is 0.0197. The pair of VET/BTC is 0.00000074 with an intraday rise of 1.37%. The chart pattern of VET with Bitcoin pair is bearish and has low correlation with USDT pair.
Will VeChain Price take U-turn from support?
VeChain Price is near to the swing low and sellers are facing difficulty to pull the prices further down. Presently, VET price is consolidating in a narrow range and buyers are trying to rebound. If the price is able to break the 200 day EMA then the probability of more upward momentum will increase.
The VET price will gain positive momentum when buyers succeed to break out of the $0.02664 level. On the other hand, If the price drops below the $0.01800 then bears will try to drag the price to the yearly lows.
The technical analysis says, VeChain price is in the initial phase of trend reversal and possibility of taking a U-turn from the support is high.
VET Price on weekly time frame
VET Price formed a Doji candle on a weekly time frame showing indecisiveness. The market leader Bitcoin price is near to the crucial support. If the Bitcoin price recovers then it will improve the market sentiment and might positively impact the prices of other Altcoins.
The technical indicators like MACD had generated a positive crossover and slowly the curve is rising upward. It indicates that buyers are getting active and trend reversal is possible. The RSI at 48 sloping sideways denotes neutral territory and equal level of tug of war between buyers and sellers.
Conclusion
VeChain Price Prediction suggests a rise and the long term outlook remains bullish. The price has corrected 24% approx from the swing high and consolidating near to crucial support. The technical analysis suggests, If the VeChain Price holds both the EMA then trend reversal is possible.
Technical levels
Resistance levels: $0.02664 and $0.03253
Support levels: $0.01800 and $0.01537
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.