VeChain Price Prediction: VET Price prepares to fly high?

• VeChain Price Prediction suggests a rise and trend is likely to reverse upward.
• The VET Price faced hurdle at the 200 day EMA but was trying to hold the 50 day EMA.
• VeChain crypto price recovered 30% approx from the recent swing low. 

VeChain Price Prediction suggests a rise and recovery is likely to continue for some more time. It recovered 30% approx from the recent swing low and showed initial signs of bullish trend reversal. 

VET Price managed to climb above the 50 day EMA but it lacked the momentum and entered into consolidation. Buyers tried to break out of the 200 day EMA but faced rejection shows the presence of sellers. 

From the past few months, VeChain Price is declining by forming lower lows swings. Short term pull backs are facing resistance at the trendline and failing to hold the higher levels. 

In the beginning of June, VET crypto dropped below the crucial support of $0.02000 which triggered the negative sentiment. The prices fell with a higher volume and hit a yearly low at $0.01325. 

Well, In the mid of June the downfall halted and prices showed a minor bounce. Slow and steady prices are recovering buyers trying their best to regain the confidence of investors. 

VeChain Price is trading at $0.01888 with an intraday decline of -0.58%. The 24 hour volume to market cap is 2.34%.

Will VeChain Price continue to rise or face rejection?

VeChain Price recovered the losses of previous month and attempting to break out of the trendline hurdle. If the buyers succeed then 20% to 30% upside is possible in the short span of time. 

The crypto leader Bitcoin Price is mildly bullish and holds the $30K mark. If BTC price gains momentum then the majority of the Altcoins will get positively impacted. 

VET Price has corrected a lot and looks like prices are bottomed out. So, the downside risk is low till buyers defend the $0.01400 level. 

On the other hand, Vechain Price will pick up the momentum when buyers are able to break the $0.02141 hurdle. The technical analysis suggests, VET Price is recovering and might trade with positive bias.

Does the recent pull back in VET Price look reliable? 

VET Price forming a Doji candle on the weekly time frame indicates indecisiveness. The recent pull back looks reliable and the probability of trendline breakout is high. The Vechain Price is reversing upward from the yearly lows showcase bulls are returning back to track. 

The MACD curve is sloping sideways indicates prices might consolidate for some time in a narrow range. The RSI curve at 53 denotes neutral territory and the balance between bullish and bearish positions. 

Conclusion

VeChain Price Prediction remains bullish and suggests a rise in the long run. VET crypto price will gain momentum when buyers are able to break out of the $0.02141 hurdle. The technical analysis says VET Price is bottomed out and downside risk is low. 

Technical levels

Resistance levels: $0.02145 and $0.02668

Support levels: $0.01500 and $0.01325

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.