- VeChain (VET) may dominate the price of $0.017 till the end of this week.
- The Money Flow Index (MFI) is going down to a very low level.
- The bears are waiting to drop the crypto towards the $0.020 resistance area.
VeChain pricing (VET) has been on an upswing over the last several days, according to price activity. Buyers have formed a fourth bullish candlestick with a mild positive trend today. If the purchasing pressure continues, VET might continue to climb higher towards its resistance and supply level around $0.01950.
In the medium term, VeChain pricing is trending upward after reversing from its recent annual low at the $0.0156 level. Meanwhile, purchasers have increased housing prices by 4% in recent days. Despite the daily price closing in the green, investors will need further accumulation shortly to move the cryptocurrency well above recent lows.
After rebounding, the $0.015 mark turned into a key support level. Therefore, the buyers have an open space to propel the VeChain price till the next strong resistance level at $0.020. However, the buying pressure appears to be low for now, so it may take time to reach the next resistance.
Amidst the bullish momentum, VeChain (VET) price is trading at $0.0164 at the time of writing. Thus according to the last 24 hours data from CMC the market cap increased by 1% to $1.19 billion. Trading volume is neutral at $25.6 million, not high enough for a rapid bullish rally.
VeChain coin price remained well below key moving averages such as the 20,50,100 and 200 on the daily price chart. Against the price recovery, the MFI indicator is still going to dive into extreme lower levels. Furthermore, the MACD continues to exist in the negative zone.
Conclusion
Compared to the sharp drop in price, the recent price recovery is a minor part of the next bullish rally. On the other hand, the MFI and MACD indicators are still maintaining a negative outlook on VeChain (VET) price.
Support level – $0.015
Resistance level – $0.0200 and $0.340
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2022/12/23/vechain-price-prediction-should-investors-be-looking-at-vet-in-2023-as-an-investment-perspective/