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- 1 VET Coin Analysis: VeChain (VET) is showing positive momentum after a slow start to the year.
- 2 VeChain experienced a peak in the number of newly added wallet addresses.
- 3 If VeChain gets invaded by bears, the price could hover around $0.01309 by the end of 2024.
VeChain (VET) is showing positive momentum after a slow start to the year. Based on on-chain data, VeChain experienced a peak in the number of newly added wallet addresses between October 23rd and 29th. During this time period, 57,338 users added their wallets to the platform.
The closest metric to this peak was recorded between late April and early May 2021, when VeChain registered 51,731 new wallet addresses.
Vchain’s Partnership with Coinbase
At the start of November, VeChain had partnered with Coinbase to launch an educational program for its blockchain platform, VeChainThor. This program is expected to attract 750,000 to 1 Million users.
VET, the native token from VeChain, benefited from the news. On November 9, VET was trading at $0.0205. After the news was announced, VET gained 8% in value, reaching $0.0225 by December 1st.
In the case of VeChain’s native token, VET, the price could reach $0.03209 by the end of 2024 if the bullish trend continues. However, if VeChain is affected by bearish pressure, VET’s trading price could reach as low as $0.01309 by the end of 2024.
Daily Chart Technical Analysis of VET Coin Price
The current trading price for the VET coin is $0.0262 after a 33% spike since the start of December 2023. The bulls, after reaching new levels, are now seeking support at the levels of $0.0213 and $0.0157. However, the bears are expected to be active on the resistance levels of $0.0294 and $0.0366.
Considering the overbought zone of RSI, the current price prediction is bearish. However, some bearish volumes have been seen since the start of today’s trading session. This could push the price down and cause troubles for the bulls.
| Pivot | Classic | Fibonacci | Camarilla | Woodie |
| S3 | 0.01 | 0.02 | 0.02 | 0.01 |
| S2 | 0.02 | 0.02 | 0.02 | 0.02 |
| S1 | 0.02 | 0.02 | 0.02 | 0.02 |
| P | 0.02 | 0.02 | 0.02 | 0.02 |
| R1 | 0.02 | 0.02 | 0.02 | 0.02 |
| R2 | 0.03 | 0.02 | 0.02 | 0.03 |
| R3 | 0.03 | 0.03 | 0.02 | 0.03 |
Conclusion
VeChain experienced a peak in the number of newly added wallet addresses between October 23rd and 29th. VET, the native token from VeChain, benefited from the news. On November 9, VET was trading at $0.0205. After the news was announced, VET gained 8% in value. Some positive signals were seen in the price of VET after a long time but the immediate prediction is bearish.
Technical Levels
- Support Levels: $0.0213 and $0.0157
- Resistance Levels: $0.0294 and $0.0366
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 in stocks, cryptos or related indexes comes with a risk of financial loss.
Amanda Shinoy is one of the few women in the space invested knee-deep in crypto. An advocate for increasing the presence of women in crypto, she is known for her accurate technical analysis and price prediction of cryptocurrencies. Readers are often waiting for her opinion about the next rally. She is a finance expert with an MBA in finance. Quitting a corporate job at a leading financial institution, she now engages herself full-time into financial education for the general public.