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VeChain Price Analysis: VET Heading for Correction in Jan 2024?

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VeChain Price Analysis: VET Heading for Correction in Jan 2024?
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VeChain price prediction is mildly bearish for the short term and suggests that correction may continue for some time. It faced rejection from the $0.03880 level and corrected 16% approx in a short span. 

VET price retraced down to the 50-day EMA and showed initial signs of a bearish trend reversal. However, the confirmation of the trend reversal is still awaited. 

In the last month, the VeChain crypto price performed well and showed a surprising rally. The coin closes in December 2023 with a gain of 60% which is more than the expected return for its investors. 

However, the current month’s trading session has begun with a bearish note. So, sellers are trying to erode the previous gains and take control of the demand zone. 

On the lower side, the range between $0.02501 to $0.02849 is a strong demand zone for the bulls. If in the future the VET crypto dives down, buyers may come forward to absorb the sell-off. 

Presently, the price is trading at $0.03210 on a flat basis. In the last 24 hours, the trading volume increased by 108.95% and the volume to market cap ratio is at 4.20.

How Much VeChain Price May Fall?

VeChain Price Analysis: VET Heading for Correction in Jan 2024?
Source: VET/USDT daily chart by Tradingview

VeChain price is inside the seller’s radar and bears look aggressive so more downfall may be visible. As long as the price is trading below the $0.3500 level, any short-term bounce might face difficulty in holding the higher levels. 

The chart pattern of VET says that correction has begun and 50-day EMA support is at risk. If the price drops below the EMA, this coin may fall 10% to 16% in a short period. 

The technical analysis suggests that this crypto may retest $0.2500 in the coming weeks. So, investors should be mentally prepared for it and avoid building fresh longs.

VET Price May Hit New Lows in Correction

VET price reverses downward and no strong sign of bounce is visible in the chart. The correction may continue and new monthly lows are possible. However, the investors, who can hold their investment for the long term, may look to accumulate VET near the demand zone. 

The MACD curve displayed a negative crossover and the histogram bar is red. It shows weakness and more downside is possible. The RSI at 47 denotes mild bearishness. If the price declines further, the RSI might enter into the oversold territory. 

Conclusion

VeChain price prediction says bears are coming back on track. So, they may drag the price to new monthly lows. The analysis suggests that the VET price is in the initial phase of correction and a 10% to 16% more decline is possible from current levels.

Technical levels
  • Resistance levels: $0.03501 and $0.03880
  • Support levels: $0.02849 and $0.02501
Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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