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- Vechain price recovered about 15% and lacked momentum on higher levels.
- VET price is struggling to climb above the 50 and 200 day EMA.
- Vechain price prediction remains bullish in the long term and might show a decent up move in coming months.
Vechain Price has recovered around 15% from the recent low swing at $0.02000 and showed signs of the bullish trend reversal. VET price witnessed a massive spike in the buying volume and prices also reacted positively indicating genuine buyers are accumulating from the lower levels.
However, VET price is struggling to sustain above the 50 day EMA, indicating that strong bears are still active near the supply zone. Currently, VET price seems to have struck into the narrow range consolidation and bulls are trying to form a short term base.
VeChain price trading at $0.02302 with an intraday rise of 2.68% and 24 hour volume to market cap at 2.6% shows nominal liquidity is available. The VET/BTC pair is trading at 0.00000083 with an intraday rise of 1.22%, which showcases a minor correlation between the direction of both the pairs. In mid-February, VET price broke out of the 200 day EMA, which turned the positional trend in upward direction.
VET price rallied about 30% in the short span of time and hit a high at $0.03240. However, bulls failed to hold the higher levels and prices witnessed sharp profit booking and Vechain price began to decline by forming lower lows candles.
Why Does the Vechain Price Look Undervalued?
Vechain Price had tried to defend the EMA support but due to selloff in the global crypto market, prices slipped below both the EMAs, inviting further decline. In mid-March, the global market sentiment improved and VET price halted the fall after testing the low at 0.02000.
VeChain price looks undervalued because it got stuck in consolidation range near the demand zone and is unable to recover 50% of its previous losses. In comparison, the other altcoins have recovered well and followed the direction of the global market.
Will VET Price Break the Higher Range?
VET price got stuck in the narrow consolidation range and does not show any strong signs of range expansion. However, the VeChain price is near the demand zone and probability of an upside breakout remains high.
Technical analysis suggests that if the VeChain price broke the hurdle of $0.02500, then prices might begin the rally to retest the previous highs. But if it drops below the $0.02000 support, the bears might try to pull it down toward the yearly lows.
Conclusion
Vechain price showed a decent bounce from the lows but seems to be getting stuck into the narrow range. Technical analysis suggests that VET price is forming a base and might gain momentum if the bulls break the higher range mentioned above.
Technical levels
Resistance levels : $0.03000 and $0.03240
Support levels : $0.02000 and $0.01539
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 assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
