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- 1 VeChain price prediction showcases the slippage of VET crypto over the daily time frame chart.
- 2 VET crypto dropped below the 20, 50, 100, and 200-day daily moving averages.
- 3 VeChain cryptocurrency gained around 4.31% year-to-date.
The VeChain price prediction reveals a decline in VET cryptocurrency from the upper boundary of its consolidation phase. Since September 2023, VET crypto has remained within a horizontal price range on the daily chart. Despite attempts by buyers to break out of this consolidation phase, they have been unsuccessful so far. For VeChain crypto to move towards the upper price range, there’s a need to attract more buyers and increase accumulation at a higher rate.
This consolidation phase represents a battleground between buyers and sellers. To facilitate a breakthrough, VET crypto must gain stronger buyer support and overcome this trading range.
VeChain price was at $0.01649500 and declined by 3.91% of its market capitalization during the day’s trading session. However, trading volume has increased by 10.92% during the intraday trading session. This demonstrates that buyers are still present in the trade to push VET upwards. The volume to market cap ratio was at 1.82%.
Will VeChain Price Rebound From Here?
VeChain price prediction highlights the consolidation phase of VET crypto over the daily time frame chart. VeChain crypto has been consolidating inside the price range of $0.01639753 and $0.01853944. However, volume change can be seen below average and needs to grow during the intraday trading session. Meanwhile, VET crypto dropped below the 20, 50, 100, and 200-day daily moving averages.
VET cryptocurrency experienced a 5.89% decline over the past week but showed a 5.24% gain within the last month. However, over the last three months, VET faced a decline of about 11.80%, extending to 33.58% over the past six months. Despite these fluctuations, VeChain has managed to achieve a 4.31% increase year-to-date, suggesting the potential for a recovery by the end of 2023.
Technical indicators suggest the downside trend of VeChain cryptocurrency. The relative strength index shows the fall of the VET Crypto price. RSI was at 45 and is heading towards the oversold territory. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.
Summary
VeChain price prediction showcases the decline of VET crypto from the upper price range of the consolidation phase. VeChain crypto has been consolidating inside the price range of $0.01639753 and $0.01853944. Nevertheless, VeChain cryptocurrency managed to surge around 4.31% year-to-date. Technical indicators suggest the downside trend of VeChain cryptocurrency. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.
Technical Levels
Support Levels: $0.01639753 and $0.01593608
Resistance Levels: $0.017163740 and $0.01776214
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.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
