Will VET Crypto Rise From Ashes?

The VeChain price forecast underscores the challenges facing the VET cryptocurrency as it remains confined within a compelling pattern on the daily time frame chart. For VET to experience a robust upward trajectory on this chart, it necessitates the accumulation by buyers. Nonetheless, the current scenario indicates that VET crypto is encountering difficulties in maintaining its position, with persistent sellers exerting downward pressure on its value.

VeChain price was at $0.01578700 and lost 1.40% of its market capitalization intraday. Trading volume decreased by around 45% during the intraday trading session. This demonstrates that sellers are trying to drag VET downwards. Volume to market cap ratio was 2.28%.

VeChain is Oversold — RSI

VeChain price prediction is a fall from the falling wedge pattern over the daily time frame chart. However, VET is currently trying to sustain at the current level in order to initiate the recovery. VeChain price must accumulate buyers in order to surge from the current level. The volume change is below average and under full influence of sellers.

The VET cryptocurrency has descended beneath its 20-day, 50-day, 100-day, and 200-day daily moving averages. The value of the VeChain cryptocurrency fell approximately 12.61% within a week and a more significant drop of 17.52% over the course of a month was noted.

Additionally, VET crypto has suffered a decline of about 18.41% in the past three months and a notable drop of 45.21% in the last six months. Moreover, the year 2023 has not proven to be favorable for VET, as it registered a marginal decline of roughly 0.16% year-to-date.

Technical indicators suggest that VeChain crypto is oversold. Relative strength index (RSI) confirms that VET is currently oversold. Moving average convergence divergence (MACD) points to the downtrend in VET crypto.

RSI was at 29 and is entering the oversold territory. The MACD line is below the signal line after a negative crossover. Investors in VeChain cryptocurrency need to wait for any directional change over the daily time frame chart.

Summary

The VeChain price forecast underscores the challenges facing the VET cryptocurrency as it remains confined within a compelling pattern on the daily time frame chart. Nonetheless, volume change is below average and under full influence of sellers. Moreover, the year 2023 has not proven to be favorable for VET, as it registered a marginal decline of roughly 0.16% year-to-date. Technical indicators suggest that VeChain crypto is oversold.

Technical Levels

Support Levels: $0.01557319 and $0.01453140

Resistance Levels: $0.01772039 and $0.01899630

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing