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- 1 VeChain coin price showed a steep rise and rose approximately 60% in December 2023.
- 2 VET price hits Year-till-date high and positive momentum is still intact.
- 3 It witnessed a massive surge in the buying volume and positively impacted the price.
VeChain price prediction is highly bullish for the next few months and suggests bulls may lead the rally. It showed a steep rally and rose approximately 60% in December, which rewarded the short-term bulls and existing long-term investors.
VET price formed a strong base near $0.02000 and slowly began to rise by forming higher high candles. At the same time, the rapid increase in the buying volume is also visible. It shows the participation of big players who had injected the money and expected an outperformance.
The 50-day and 200-day EMAs are pointing upward, which confirms the uptrend. However, the price had rallied a lot and gone far away from the EMA. So, it looks mildly overbought and overstretched due to which VET crypto might trigger a minor profit booking at any given time.
At present price is near the $0.03700 level, which may act as a supply zone. If the momentum continues and buyers succeed in breaking out of the $0.03700 hurdle, more upside will open and the price will begin the journey to reach $0.05000.
How Much Vechain Price May Rise in January 2024?
VeChain price prediction favors the bulls and suggests the rally might resume after minor consolidation. The bulls are very aggressive as compared to the sellers and they are trying to push the price higher.
The price action of VET as well as the chart pattern are bullish and indicate that more upside is pending. In the upcoming bull run, this coin might also participate and reward its investors.
After analyzing the daily time frame chart, it can be said that if the VeChain crypto price takes control of the supply zone, a 25% to 30% rise may be visible in January 2024.
What if VET Price Lose the Momentum?
VET price performed well in the current month. So, it might lose the momentum and spend some time in consolidation. If it chooses to consolidate, it will substantially increase the possibility of breakout.
Meanwhile, the overall crypto market is mildly bullish, which improves the market sentiment. It may positively impact the price of VET and other altcoins.
The MACD curve is rising upward and the histogram bar is green shows the strength of the bulls. Whereas, the RSI at 78 denotes overbought territory so the risk of profit booking is high.
Conclusion
VeChain price prediction suggests the rally might continue in the coming months and new swing highs may be visible.
However, the VET coin may also spend some time in consolidation before resuming the rally. Therefore, this crypto looks good for long-term pick and might reward its investors in the long run.
Technical levels
- Resistance levels: $0.04021 and $0.04500
- Support levels: $0.02508 and $0.01919
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.
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.