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- VeChain price prediction highlights the sudden slip of VET cryptocurrency in Thursday’s trading session.
- VET crypto is trying to sustain at 20-EMA while being above 50, 100 and 200-days Daily Moving Average.
- Vechain price needs to initiate its recovery phase in order to surge above the distribution phase over the daily time frame chart.
VeChain price prediction showcases the consolidation phase below the distribution phase over the daily chart. VET crypto is currently plunging and needs to attract buyers to revert back towards the recovery phase. However, sellers are currently pulling the VET crypto price towards the $0.025 support zone. VeChain price needs to start its recovery phase in order to surge out of the distribution phase. However, volume change is below average and needs to grow during the day’s trading session to surpass the average.
VeChain price was at $0.02701 and has dropped around 3.90% of its market capitalization during the day’s trading session. Trading volume has decreased by 5.75% during the intraday trading session. This demonstrates that sellers are approaching short VET crypto. Volume to market cap ratio was at 0.0256.
The daily time frame chart of the Vechain price prediction shows the issues with the VET cryptocurrency price’s ability to sustain itself during the distribution period. Volume change, which is currently below average, must increase during the intraday trading period.
To force the Vechain price towards the $0.025 support level, sellers are attempting to plunder the VET cryptocurrency. VET cryptocurrency is currently attempting to keep its position above the 20, 50, 100, and 200-day Daily Moving Averages.
VeChain Price Might Rally During 2023 – Says Analysts
Within a month, Vechain’s price increased by about 14.34%. In addition, Vechain’s recovery rate increased over the course of the past quarter as the price of VET increased by about 38.32%. This shows that the Vechain price may rise at its maximum during the year 2023 and at its maximum rate of recovery.
Analysts from a profound cryptocurrency firm also suggest that the VeChain price might rally during 2023 as soon as it initiates its recovery. Some reports confirm the same indicating that VeChain price might recover max during 2023 and might rally in mid 2023.
Technical Indicators Over VET Crypto
VeChain price prediction showcases that VET crypto might rally during 2023 if it sustains above the distribution phase over the daily chart. Technical indicators suggest the downtrend momentum of VET crypto price.
Relative strength index showcases the downside trend of VET crypto price. RSI was at 51 and is about to break down from neutrality. MACD exhibits the downtrend momentum of VeChain price. The MACD line is below the signal line after a negative crossover. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
VeChain price prediction showcases the consolidation phase below the distribution phase over the daily chart. VET crypto is currently plunging and needs to attract buyers to revert back towards the recovery phase. Volume change, which is currently below average, must increase during the intraday trading period. In addition, Vechain’s recovery rate increased over the course of the past quarter as the price of VET increased by about 38.32%. Technical indicators suggest the downtrend momentum of VET crypto price. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $0.026 and $0.025
Resistance Levels: $0.030 and $0.050
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
