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- Vechain Price prediction suggests a rise in the long term till it holds $0.01600.
- VET Price dropped below 50 day and 200 day EMA.
- Vechain price corrected 20% approx from the recent swing high.
Vechain price prediction suggests a rise in the long term as long as the price sustains above the $0.01600 support. VET price seems to be stuck in the narrow range showing signs of base formation. In the past week it corrected 20% approx from the recent swing high and approaching toward the demand zone.
Vechain price dropped below the 50 and 200 day EMAs indicating a downtrend. But the EMA is sloping sideways which indicates that prices lacked direction and might consolidate for some more time. The trading volume in VET crypto is in a declining phase shows less number of participants are at lower levels.
Vechain Price is trading at $0.02134 with an intraday decline of -0.70%. The pair of VET/BTC is trading at 0.00000076. The chart structure of VET with BTC pair is in strong downtrend and keeps on hitting the fresh lows. It shows low correction with the USDT pair and sellers seem to be more active on VET/BTC.
At the mid of February, Vechain price gained positive momentum and attempted to break the $0.03000 hurdle. Sadly, price gets rejected and begins to decline by forming lower lows. The downfall halted near $0.01943 and formed a Doji candle. It created a hope for the bullish trend reversal and prices showed a minor recovery.
Will Vechain Price Recover From the Demand Zone?
Vechain price consolidated for a few weeks in the narrow range in the hope of upward range expansion. However, VET price failed to give the follow up momentum and took the opposite direction.
Presently, VET price is near to the demand zone and if buyers succeed to defend the $0.01943 then possibility of the rebound will increase. However, if the price drops below immediate support then sellers will try to drag it down to yearly lows. The technical analysis suggests VET is consolidating for the base formation. Any short term correction will have a high probability of bouncing back from the lower levels.
VET Price Downside Limited
VET price formed a bearish candle on the weekly timeframe and struggled to defend the previous week low. However, the downside seems limited till it sustains the support mentioned below.
The VET price will gain positive momentum when buyers succeed to break the $0.02663 hurdle. Till then, the prices are expected to consolidate in the range. The technical indicators like MACD had generated a negative crossover with the histogram bar on a decline, which indicates mild bearishness. The RSI at 36 sloping down denotes weakness but a relief rally may trigger anytime from the oversold territory.
Conclusion
Vechain price prediction suggests a rise in the long term and that it is likely to bounce back from the demand zone. VET price is stuck in a narrow range of consolidation and is showing signs of base formation. The technical analysis shows VET price is near the demand zone and the short term correction will have high possibility of bounce back.
Technical levels
Resistance levels : $0.02663 and $0.03260
Support levels : $0.01943 and $0.01600
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.