VeChain (VET) is a type of cryptocurrency that has recently been under the spotlight due to its potential in the market. This article aims to provide an in-depth analysis on the VeChain price prediction and its trading strategies. Below are the key points:
- 1.Consolidation phase: VeChain price prediction reveals the ongoing consolidation phase of the VET crypto. This indicates that the coin might not experience drastic value changes in the short term.
- 2.20, 50, 100-days versus 200-days Daily Moving Averages (DMAs): The VeChain crypto is working to sustain its presence within the 20, 50, and 100-days DMAs. The ultimate goal, however, is to reach the 200-days daily moving average.
- 3.VET/BTC pair: The pair of VET and Bitcoin (BTC) sat at a rate of 0.0000006529 BTC marking a 1.04% intraday gain. This suggests a favourable period for investors and traders.
The recent struggle for VeChain to break free from the primary resistance level is a sign of its need to attract more buyers. This is to push the crypto out from its current trading resistance or the so-called “neckline”. VeChain price has been having problems sustaining the breakout due to attempts of sellers to pull down the value of VET crypto to lower levels. The strategy for investors to follow would be to wait for the VET crypto price to stabilise at the neckline.
1. Consolidation Phase
VeChain price prediction reveals the ongoing consolidation phase of the VET crypto. This indicates that the coin might not experience drastic value changes in the short term.
2. 20, 50, 100-days versus 200-days Daily Moving Averages (DMAs)
The VeChain crypto is working to sustain its presence within the 20, 50, and 100-days DMAs. The ultimate goal, however, is to reach the 200-days daily moving average.
3. VET/BTC Pair
The pair of VET and Bitcoin (BTC) sat at a rate of 0.0000006529 BTC marking a 1.04% intraday gain. This suggests a favourable period for investors and traders.
The financial status of VeChain’s price was at $0.0195380, a modest rise by 1.40% over the daily trade. The trading volume saw a significant growth by 17.45% during the same period. This is a clear sign that buyers are making efforts to record a breakout of VET cryptocurrency on the daily chart. Accordingly, the ratio between market capitalisation and volume stood at 0.0247.
Source: VET/USD by TradingView
The VeChain price prediction anticipates the start of the token’s recovery phase as soon as it moves past the main resistance level. In order for the VET coin to keep its momentum within the peripheral of the horizontal range-bound region, it must continue its present rate of accumulation. Based on current market data, the VeChain cryptocurrency price has risen about 23.56%, suggesting a strong comeback by 2023.
Moreover, the price of VeChain saw an increase of approximately 0.39% within a week and 18.5% in the span of a month. This reiterates the prediction that 2023 might witness the greatest comeback for the VET coin.
On another important note, the technical indicators on the VET price chart project an upward trend. This is confirmed by the relative strength indicator which suggests that the price of VeChain is escalating rapidly, with the RSI nearing the overbought zone at 55.
In relation to the MACD, the VeChain price exhibits a rising momentum. A positive crossover is anticipated to occur between the MACD and signal lines. As a result, investors are advised to be patient and wait until the cryptocurrency price holds its present value and continues its upward trajectory.
Summary
The VeChain price prediction illustrates the difficulty VET is experiencing to cut through the primary resistance level. In order to sustain its present pace of accumulation, it must stay beyond the boundary of the horizontal range. The technical indicators on the VET price chart reflect a bullish trend. Investors, as a reminder, need to wait until the crypto price retains its current value and persists in climbing.
Technical Levels
Resistance Levels: $0.02032 and $0.02285
Support Levels: $0.018929 and $0.018450
Disclaimer
The information given in this article including the opinions of the writer and the individuals mentioned, are strictly for informational purposes and does not serve as a financial, investment, or any other form of advice. Investing in or trading with cryptocurrency or stocks inherently involves the risk of financial loss.