VET Price Prediction: VeChain on a downward trend, but a 40% gain appears imminent
3 min readTable of Contents
TL;DR Breakdown
- VET price prediction shows the crypto asset has suffered a 20 percent decline in under 24-hours.
- In the last 24-hours, VeChain has registered a swing low of $0.157, the lowest in weeks.
- If a demand zone forms at the recent swing low, VeChain could register a 40 percent surge.
- Failure to settle above the $0.127 region could lead to a 10 percent price decline.
Like most cryptocurrencies, the price movement of VeChain has not been left behind in the ongoing bearish leg.
VET Price Prediction: General price overview
At the time of writing, the VeChain price has taken a dip towards the $0.166 region, which is about 40 percent below its all-time milestone of $0.279. The latest price dip further pushes VeChain below its multi-day ascending pattern, painting a vulnerable picture for the cryptocurrency. At the time of writing, the crypto asset is being protected by the 50-day Simple Moving Average. Despite this, critical technical indicators such as the calculated move target defined by the ABC correction signal VET is likely to suffer further declines before settling on a significant bottom. At present, VeChain’s market capitalization has declined by more than $10 billion, making it the 17th most significant virtual asset in the world, according to CoinMarketCap.com.
What is the reason for VeChain’s current downward price movement? VeChain has always been closely tied to BTC since its inception in the market. Its price movement tends to reflect BTC in almost all seasons. This is because altcoins, such as VeChain, tend to act as viable investment options for individuals who cannot afford BTC. Meaning the crypto asset relies on the general price movement of the entire crypto market. Since BTC is currently bearish and trading on the red, VeChain and the general market in extension appears to be bleeding. So what should you expect from VeChain’s price movement?
VET price movement in the past 24 hours
According to VeChain’s 24-hour chart, things are not looking up for the crypto asset. The chart shows VeChain price took a 27 percent price plunge, breaching key supper levels on its way down. Since May 7, the crypto asset has registered a price decline of more than 35 percent. At present, VeChain is testing the $0.66 region, an area it should strive to maintain or else experience a further 10 percent down surge. A 10 percent downswing would push the cryptocurrency towards its immediate demand zone, ranging from $0.125 to $0.142.
This demand zone was created during VeChain’s April 10 and 11 price consolidation, which was critical in building up pressure before its 127 percent bull run. Therefore, a price decline into the demand region will most likely lead to a sudden price upsurge. According to analysis, VeChain is likely to register a 35 percent uptick towards the $0.192 price region, and if the buying pressure continues to mount, another 10 percent upsurge is likely. In such an event, VeChain will revisit its 50 percent Fibo retracement level at around $0.22.
VET 4-hour chart
According to the 4-hour chart, VeChain’s Relative Strength Index (RSI) indicator shows the crypto asset is currently in the negative zone. This means the cryptocurrency is currently experiencing massive selling and overhead pressure. As for the Moving Average Convergence Divergence (MACD) indicator, the blue line is slightly below the Signal line, painting a manageable bearish leg.
Conclusion
While VeChain’s upsurge appears certain, investors should expect a close above the $0.142 demand zone, which will validate VET’s bullish outlook. The bulls need to ensure the crypto coin does not plunge below $0.126 to ensure the bullish narrative is safeguarded.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
