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- VeChain price prediction suggests the rejection of BVVET crypto price at the upper resistance level over the daily time frame chart.
- VET crypto price is currently trading above 20, 50 and 100-days DMA while still below the 200-days Daily Moving Average.
- VeChain price still struggles to break the primary resistance level to target the higher levels.
The VeChain price forecast predicts that the recovery rally for the VET coin will start as soon as it passes over the resistance level. When the accumulation rate picks up and VET leaves the primary resistance level at $0.025, the VeChain price may hit the $0.1 recovery level. The major resistance level of $0.244 must be maintained for VET to continue rising with a strong uptrend momentum and hit the VeChain price target of $0.1.
Vechain’s price was $0.02385 and during the day’s trading activity, it decreased by 2.05% in market value. However, during the intraday trading period, trading volume was at 59.61 K and is still below average.
Vechain’s price forecast indicates that the value of the VET coin is rapidly declining. The intraday trading session’s trading volume has to increase because it is currently below average. In order to attain the 200-day DMA, the VeChain price is attempting to hold above the 20, 50, and 100-day DMAs.
Vechain’s price initially declined from the upper resistance level at $0.0286 during the distribution time and decreased by more than 30% to $0.019. The rate at which purchasers were assembling propelled the VET cryptocurrency towards $0.0244, but it was unable to hold and fell yesterday. However, the Vechain price is still attempting to rise sharply.
Technical signs point to a fall in the price of the VET currency. The relative strength indicator shows the momentum of the decrease in the VeChain price. At 51, the RSI was attempting to move out of neutrality and become oversold.
However, the MACD reveals the VeChain Price’s increasing tendency. Immediately following a positive crossover, the MACD line is higher than the signal line. After VET overcame the crucial resistance level of $0.025, investors in VeChain must wait till the start of the cryptocurrency surge.
Summary
The VeChain price forecast predicts that the recovery rally for the VET coin will start as soon as it passes over the resistance level. Vechain’s price initially declined from the upper resistance level at $0.0286 during the distribution time and decreased by more than 30% to $0.019. Technical signs point to a fall in the price of the VET currency.
Technical Levels
Resistance Level: $0.025 and $0.030
Support Level: $0.0229 and $0.020
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 stock 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.
