VeChain Price Prediction 2024 suggests a sharp rise is possible after the breakout of consolidation. VET crypto price recovered 34% approx from the recent swing low and showed signs of a bullish trend reversal.
VeChain Price struggles to climb above the 50-day EMA to bring back the confidence of investors. However, the 200-day EMA is placed slightly higher which showcases the positional trend is down. It is likely to act as an immediate hurdle for bulls.
In the mid of June, the VET crypto price took support near $0.01300 and buyers came forward to push the price higher. Slowly and steadily prices recovered by forming higher highs.
Meanwhile, the sudden increase in buying volume indicates some genuine buyers have accumulated from the lower levels. Presently, the prices are stuck in the narrow range of consolidation and buyers are trying their best to break the higher range.
VeChain Price is trading at $0.01948 with an intraday rise of 0.98%. The 24-hour volume to market is 8.82%. The pair of VET/BTC is trading at 0.00000066 with an intraday rise of 1.54%.
VeChain Price preparing for a rally?
VeChain Price Prediction has turned bullish but the price will gain momentum only above $0.02500. From the past few months, VET crypto price has not performed well and traded with a bearish bias.
Recently, the overall crypto market recovered which positively impacted the prices of VET. Therefore, till the VeChain price is sustained above the $0.01500 the recovery might continue for a few months.
However, if the price managed to climb above the 200-day EMA more upward momentum is possible. On the other hand, if the price drops below the $0.01500 level, bears may come forward to pull it further down.
VET Price Analysis on the weekly time frame
VET Price formed a Doji candle on the weekly time frame. It consolidates in a narrow range for the base formation. If the crypto leader BTC price begins to recover and reaches new yearly highs then VET crypto might show positive moves.
The MACD sustains above the zero line but the curve is sloping sideways. It indicates VET prices are likely to consolidate for some more time. The RSI at 56 denotes neutral territory and a balance between buyers and sellers.
Conclusion
VeChain Price Prediction for 2024 is highly bullish and suggests a decent rise is possible.
VET Price forming a base and buyers seem to be preparing for a rally. The technical analysis suggests, the VET crypto price is low and looks attractive at current levels.
Technical levels
- Resistance levels: $0.02673 and $0.03270
- Support levels: $0.01500 and $0.01300
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets 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
Source: https://www.thecoinrepublic.com/2023/07/23/vechain-price-prediction-2024-is-vet-price-cheap-and-attractive/