- 1 Despite all major indicators being bearish, the support seems very strong.
- 2 The chart shows a decline in volatility and stability in the price.
VeChain (VET) is a public blockchain designed for the mass adoption of blockchain-based tech. It has been equipped with features, such as meta-transaction features, a unique two-t token economic model, and a proof of authority consensus mechanism.
VET is the native token that drives the VeChain blockchain and is a medium for transactions and specific activities in the ecosystem.
VeChain recently shared the news via a tweet post from their official handle, which stated that they are excited about VET and VTHO, which are now available to trade on Revolut’s platform.
We're excited to share that $VET and $VTHO, #VeChain's native tokens, are now available to Revolut's 40 million+ users!
— vechain (@vechainofficial) June 7, 2024
As the #Web3 revolution unfolds, access to digital assets will become increasingly important.
Join the Revolut(ion).
Read more: https://t.co/4cr5U7Fupt pic.twitter.com/vpMg1BVWgd
As they could serve as a gateway to digital assets, the unfolding Web3 revolution makes their platform increasingly important. With over 40 million users, it’s a significant player.
Would VET Break Out of Wedge? Let’s Decode!
The price structure shows that the VeChain price showed an upward trend from the end of the week of October 2023. It built higher high peaks and lows until reaching the supply level at $0.0511.
The price made three unsuccessful attempts to surpass the resistance at the supply level but failed as bears pushed it toward the downward side. The VET price gradually plunged and later developed its support at $0.03324 by mid-May 2024.
However, the VET price stopped plunging at a critical support level of $0.03324, where the lower boundary of the declining wedge is also present. Thus, the VET has strong support at this level.
The VeChain asset displays bearish characteristics as dynamic resistance pushes it downwards, and MACD shows a bearish cross. Meanwhile, the RSI is falling smoothly towards oversold territory, implying that the VET asset is losing momentum.
Despite all major indicators being bearish, the support seems very strong. If buyers intervene from the lower boundary, another attempt at an upward trend could also pop out.
VET Price Forecast!
At press time, the VeChain has been trading at $0.03239 with an intraday fall of -1.59. Also, it has attained bad performance in the last week, month, and three months by -4.24%, -7.65%, and -33.91%, respectively, implying a stable downward direction.
Its circulating supply is 72.71 Billion, its market cap is 2.36 Billion, and its 24-hour trading volume on all trading platforms amounted to $88.57 Million.
Therefore, if the price manages to break the lower boundary of the wedge, the decline could lead towards $0.025000 and $0.020000.
On the flip side, if the price manages to jump from the lower boundary for the upside, it could break the dynamic resistance of EMAs and aim toward the upper boundary and beyond. Thus, this makes the resistances $0.045000 and $0.050000.
What Does Volatility Signify in VeChain (VET)?
This chart exhibits the contrast between the VET volatility and the crypto’s price movement. On examination, it shows that the VeChain crypto has witnessed tremendous growth in earlier sessions.
However, recent chart price exhibits that VET failed to jump supply and faced a decline, and with that, volatility has declined. It exhibits that the volatility has dipped from 0.191 to 0.028, which is lower, and the price is at support, illustrating stability in the price.
Summary
The VeChain price showed an upward trend from late October 2023 but faced resistance at $0.0511. It found support around mid-May 2024 and stopped plunging at a support level of $0.03324. The asset is displaying bearish characteristics but has strong support.
VeChain is currently trading at $0.03239 with a downward trend in the short, medium, and long term. The circulating supply is 72.71 Billion, its market cap is 2.36 Billion, and its 24-hour trading volume is $88.57 Million.
If the price breaks the lower boundary, it could decline further, but if it jumps from the lower boundary, it could aim higher. The chart shows a decline in volatility and stability in the price.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
