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- 1 VeChain price prediction showcases the consolidation phase of VET crypto over the daily time frame chart.
- 2 VET crypto is trading above 20 and 50-EMA while trying to surge from 100 and 200-day daily moving averages.
- 3 VeChain cryptocurrency has gained around 9.80% year to date.
VeChain price prediction highlights the sustainability issues of VET crypto at a higher level over the daily time frame chart. Meanwhile, VET crypto is currently facing short selling pressure as it struggles to sustain its current level. However, volume change is below average and needs to grow in favor of buyers. VET crypto needs to attract more buyers in order to surge from the current level and remain in the recovery phase.
The VeChain price was at $0.01742500 and has lost 1.64% of its market capitalization during the day’s trading session. Trading volume decreased by 17.14% during the intraday trading session. This demonstrates that sellers are trying to pull VET crypto downward. Volume to market cap ratio was 1.97%.
Will VeChain Price Sustain or Get Detained?
VeChain price prediction showcases the consolidation phase of VET crypto inside a horizontal range-bound area over the daily time frame chart. Meanwhile, buyers need to come forward for the rescue of VeChain cryptocurrency as it struggles to sustain itself.
However, volume change is below average and needs to grow during the day’s trading session. Meanwhile, VET crypto is trading above the 20 and 50-EMA while trying to surge from the 100 and 200-day daily moving averages.
VeChain price has gained between 5.46% and 6.19% in a month. VET crypto surged around 5.39% in the last three months while slipping around 26.36% in the last six months. Nevertheless, VET cryptocurrency managed to gain around 9.80% year to date. This confirms the facts regarding VeChain crypto’s maximum recovery in 2023.
Technical indicators suggest VeChain price is in a downtrend. The relative strength index (RSI) and moving average convergence divergence both confirm the downfall of VET crypto.
The RSI was at 58 and is trying to remain above neutrality. The MACD line is moving towards the signal line for a negative crossover. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
VeChain price prediction highlights the sustainability issues of VET crypto at a higher level over the daily time frame chart. Meanwhile, buyers need to come forward for the rescue of VeChain cryptocurrency as it struggles to sustain itself.
Nevertheless, VET cryptocurrency managed to gain around 9.80% year to date. Technical indicators suggest VeChain price is in a downtrend. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $0.1700594 and $0.1666895
Resistance Levels: $0.01795273 and $0.01848229
Disclaimer
The views and opinions stated by the author or any other person named in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks 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.
