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- VET price is currently in a parallel channel with a gain of 3.42%. Meanwhile, the VET/BTC pair is at 0.000001581 BTC with a gain of 1.71%
- The S2F number for VET is negligible in comparison with the other altcoins. In Contrast, the technical indicator suggests an uptrend.
Vechain has seen a gain of more than 100% from the start of this year. VET price forecast a gain of more than 40% in upcoming days. Vechain is a blockchain-powered supply chain platform that is boosting the efficiency and traceability of the current system. It was launched in 2015 and has seen an ROI of 480% since its inception.
VET is currently ranked 19th with a market capitalization of $7,616,621,566.The volume( $1,201,440,835) of the coin has seen a loss of 16.07%.The volume to market capitalization ratio for the coin is 0.214. If it crosses above 0.8, then a huge buying rush can be seen.
Technical Indicators Hints A Bullish Move For VET Price Forecast
The weekly technical chart of the VET showcases bearish momentum. The daily chart of the VET Price forecasts a bullish sentiment. Vechain price is trading above 50 and 100 Moving average. The 50MA(RED) line is at $0.055, making it temporary support for the coin. Resistance for the coin on the upside is at $0.094 while coming on to the downside, and the bounce-back can be seen from $0.08. A downward parallel channel is formed on coming to the shorter time frame of 4 hr chart. If the price breaks 10% above the parallel channel, then there is a good chance that the price will see momentum up to $0.15.VET/BTC pair can also see a gain of 20% in the upcoming months.
RSI(Bullish): It is trailing at 53.73, showcasing its presence in the neutral zone. There is a positive slope formation in the RSI, highlighting that the price can see a strong uptrend. The overall sentiment of RSI is bullish.
Conclusion
VET price forecast a great future while disrupting the supply chain ecosystem. Vechain use in agriculture has crested the investor’s interest. The VET/BTC pair can also see a great return in the future. An investor should do their due diligence before investing
Technical Levels
Major Resistance:$0.094
Major Support: $0.08
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
