VET price prediction indicates that bears are initiating their move. The bullish sentiments of investors regarding VET price is diminishing and the present price action will provide ample opportunity for the short sellers to enter the market. The overall market structure indicates that price is approaching the demand zone though buyers may prefer to practice caution.
The VET price is making a double bottom pattern on the one day chart. Considerable selling pressure is observed between the $0.021 and $0.020 price points. If the sellers are successful in pushing the price down further, it could see a fall of 15 to 20% in the near future. The buyers have been making consistent attempts to gain the upper hand in the market, however, the price action suggests that buyers may find the task challenging to accomplish.
VET’s price is currently trading at $3.90 (press time) with a 10% gain in the 24-hour trading volume and has a market cap of $3.59 Billion.
Investors Showing A Surge In Bearish Pessimism
According to LunarCrush, there is a slight decline in the social engagement levels of the community though the bullish sentiment level is rising.
The total bullish sentiment parameter ws up by 7.21% whereas the total social engagement metrics are seeing a fall of 63.81% within the past week.
However, the 24-hour trading volume rose significantly by 328.8%, indicating more activity among buyers and sellers regarding VET within the last few weeks.
VeChain Price Prediction: Technical Analysis of VET Price On Daily Chart
The RSI line is mimicking the market action closely. It is about to reach the oversold level on the 1-day chart after intercepting the median line. The RSI line is moving near 44.77 points and the 14 SMA provides resistance at around 53.44 points. The RSI line indicates that the price of the VET token may soon see a bearish decline.
Stochastic RSI is moving near the oversold levels. The Investors might wait for a positive interception between the %D and %K lines before acting against price action. The present value of stochastic RSI is 17.43 points.
Conclusion
According to the analysis, the present price action will provide ample opportunity for the short sellers to enter the market. If the sellers are successful in pushing the price down further it can see a fall of 15 to 20%.
Technical levels
Support – $0.014
Resistance – $0.022
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 assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/25/vechain-price-prediction-the-vet-price-suggests-a-correction/