VeChain Price Prediction: Is VET Crypto Getting Ready For $0.3?

• VeChain price prediction reveals that bullish recovery of the VET crypto
• VET crypto price delivered a year-to-date profit of 22.15%
• VET token is forming a symmetrical triangle after escaping a descending channel pattern.

VeChain’s (VET) price prediction indicates that the VET token has been recovering from a series of intense selling since February 2023. The VET crypto price witnessed an escalation of 113% from its swing low to the resistance of $0.0326 while starting the year 2023. The momentum faded, and the bears took control, plunging the price 59% below the important support zone of $0.0155. The bulls came to the rescue and pulled the price from its depths, demonstrating a swift recovery to its current level.

At the time of writing, the current market price of VET tokens is $0.0192. The 24-hour trading volume plunged by 3.99%. The market is down 1.24% in the last 24 hours. The overall market cap of VET is $1,402,628,073.

Can VET Hit the Price Target of the Descending Channel?

VeChain’s (VET) price prediction highlights the determination of the bulls, who have managed to recover the price by almost 50% amidst the bearish dominance. The market briefly plunged below the support level. The bulls aggressively accumulated the VET token and swiftly propelled the price above the local resistance of $0.0178.

Also, the price formed a descending channel on its way down. Presently, the price did escape the pattern but the price has been consolidating after breaking out. The 200 EMA is keeping the price down as the sellers are maintaining their strength. Meanwhile, the Vechain price has flipped the 9 and 15 EMAs, suggesting that the bulls are also willing to fight.

Can VeChain Break the Symmetrical Triangle to The Upside?

Analyzing the 4-hour chart reveals that the bulls are taking control in the short term. The buyers became active and managed to flip the 200 EMA to the upside. The fight between buyers and sellers has escalated to a resistance of $0.0195. The VET token is preparing to decide on upcoming volatility.

The price action reveals the formation of a symmetrical triangle pattern. This pattern has been formed after the bullish recovery. Therefore, the bulls might break this pattern to the upside to further extend the recovery phase of the market. The increasing volume suggests that buyers are taking an interest. However, it’s important to observe the direction of the breakout, which will determine the path of VET crypto.

RSI

The RSI indicator is currently at 46.65. It represents bearish to sideways conditions where the price may continue to fall until RSI exceeds 50. Aggressive selling may happen only if RSI goes below 30

MACD

MACD is about to make a bullish crossover above the 0 line. This indicates that the market may move to the upside in the short term. The MACD line is adjacent to the signal line at the 0 line. This represents sideways conditions

200 EMA

On the 4-hour chart, the price is above the 200 EMA. This means that the market is bullish with the control of the buyers. The 200 EMA acts as a dynamic support and the price may move up until it crosses below the 200 EMA.

Conclusion

VeChain’s (VET) price prediction indicates that the VET token has been recovering from a series of intense selling since February 2023. The past few days have been bullish for the VET token. The current situation will be a deciding factor for the direction of the VET price in the short term. Therefore, it is wise to wait for the breakout of the symmetrical triangle pattern before considering any investment. The Upcoming volatility can be best dealt with a good risk management strategy.

Technical Levels

• Support Level: The nearest support level is $0.0178
• Resistance Level: The nearest resistance level is $0.0216

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.