VeChain Price Prediction: Will VET Rally To Reach $0.1 in 2023?
VeChain (VET) is a cryptocurrency that has been slowly but steadily increasing in value over the past years. According to the VeChain price prediction, the cryptocurrency is on the verge of a significant rise in value over the next few years.
Currently, VET is trading at $0.02299, and during the day’s trading activity, it increased by 0.80% in market value. However, the trading volume during the intraday trading period was at 112.992 K and is still below average. Market capitalization to volume was 2.7%.
According to VeChain price prediction, the VET cryptocurrency’s price is rising over the charts. The trading volume during the intraday trading session needs to grow. The VeChain price is still increasing while waiting for the 20, 50, 100, and 200-day Daily Moving Averages to be reached.
VeChain Price Prediction
The VeChain price prediction suggests that the VET cryptocurrency’s recovery rally is expected to begin as soon as it breaks through the resistance mark. The VeChain price may reach the $0.1 recovery level as soon as the accumulation rate increases, and VET exits the primary resistance level at $0.025. To further recover and reach $0.1, VET must maintain the primary resistance level of $0.244 for the VET cryptocurrency price to soar with powerful uptrend momentum.
Vechain’s price dropped during the distribution period from the upper resistance level at $0.0286 and dropped more than 30% to $0.019. The VET cryptocurrency was pushed towards $0.0244 by the rate at which buyers were accumulating, but it couldn’t hold and dropped yesterday. The VeChain price is still making an effort to increase significantly, though.
Technical Analysis of VET Crypto
According to the VeChain price prediction, the 2023 VET cryptocurrency is expected to develop more quickly than the previous year. Vechain’s price is expected to ultimately reach $0.1 because whales are also assisting the upward trend, according to analysts.
Technical indicators suggest that the price of the coin VET is on the rise. The VeChain price’s uptrend momentum is indicated by the relative strength indicator. The RSI was 47 and was attempting to leave neutrality. The Moving Average Convergence Divergence (MACD) shows the upward trend of VeChain Price. The MACD line is higher than the signal line after a positive crossover.
Investors in VeChain must wait until the commencement of the cryptocurrency rally, following VET’s breakthrough of the key resistance level of $0.025.
Technical Levels
Resistance Level: $0.025 and $0.030
Support Level: $0.0224 and $0.020
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.