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- VeChain price prediction highlights the breakout of a falling wedge pattern.
- VET coin has dropped 0.23% in the last 24 hours.
- VET jumped 16.99% in the last 6 months.
VeChain price prediction portrays the image of a strong downtrend, which began in February 2023 and resulted in a severe downfall. The market saw a bullish start to the year where the prices went up by 115% to the price of $0.0326. But as the market started to weaken, the bears started selling aggressively, resulting in a decline in the price.
At the time of writing, the VET coin is trading at 0.01942. The 24 hour-volume witnessed a rise of 2.27%. The overall market cap for VET tokens is $1,414,211,748.
Will VeChain Price Reach Breakout Target?
A thorough analysis of the 1D chart reveals that the VET token experienced a decline of almost 57% before getting a recovery. The bulls showed up at the support of $0.01483 and pushed the prices by 32% to their current level. Moreover, the market broke out of a falling wedge pattern and has been rising up since.
The breakout has revived the hope for the bulls, increasing the probability of a market reversal. The falling wedge has a price target of 80% to the price of $0.03268. The volume saw a significant spike indicating buying pressure. The VET coin has flipped the 9 and 15 EMA to the upside but it is still below the 200 EMA. At present, the bulls are fighting to claim the resistance level of $0.01950.
Can the Bulls Continue the Uptrend?
On the 4-hour chart, the sentiment has changed to bullish as the price creates higher highs and higher lows. The price crossed the 200 EMA which gives more confirmation of a trend reversal. However, the volume has declined with the rise of the price which may be alarming.
VET coin is getting support from an ascending trendline. The uptrend may maintain its validity if the prices stay above this trendline. A breakdown may induce selling pressure and the prices may fall to lower levels. Currently, the market is slowing down at the resistance and the bulls must break it to extend the recovery phase.
RSI: The RSI indicator is currently at 41.30. This indicates that the market is showing weakness and the prices may decline slowly. The momentum may rise if the RSI goes below 30.
MACD: MACD made a bearish crossover while the indicator is moving close to the 0 line. It means the market is sideways to bearish. The histogram is getting lighter which means that the selling momentum is decreasing.
200 EMA: On the 4-hour chart, the price is trading above the 200 EMA(exponential moving average) which acts as a significant support. This indicates an uptrend where the buyers are in control and for a trend reversal, the price must break and trade below the 200 EMA.
Conclusion:
VeChain price prediction portrays the image of a strong downtrend, which began in February 2023 and resulted in a severe downfall. A breakout of the falling wedge pattern adds to the possibility of a market reversal. The overall trend remains bearish until the price remains below 200 EMA on the daily timeframe. The investors can navigate the volatility with a good setup and strict risk management.
Technical levels
- The nearest support: $0.01555
- The nearest resistance: $0.01950
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
