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Vechain Price analysis showcase a consolidated momentum in price and whales are slowing down - 2
Technical indicators of VET is trading above 50,100 and 200 DMA.It has seen a drop of 4% in the BTC pair
VeChain (VET) is a blockchain platform designed for businesses and enterprises to track and manage their supply chains more efficiently. VeChain was created in 2015 by Sunny Lu and his team, and it has since become one of the most popular blockchain platforms in the cryptoverse.
VeChain’s goal is to provide businesses with a way to track their products from the manufacturer all the way to the end consumer. This is accomplished through the use of unique identification numbers, which are attached to each product and stored on the blockchain. It allows businesses to verify the authenticity of their products and ensure that they are not counterfeit.VeChain uses a unique consensus algorithm called Proof of Authority (PoA), which allows for faster transaction speeds and lower transaction fees. This is what it makes it attractive for the common business to use. Meanwhile currently VET whale are seeing a decline in the activity.
Vechain has a market cap of $2.1 Billion and is ranked 34th in the cryptoverse. The volume of the asset price has seen a gain of 4% in the intraday session.Volume to the market cap ratio of the VET suggests a consolidated trend in price.
Are Bulls Of VET Giving Up?
The weekly technical chart of Vechain suggests a consolidated trend in price.It is forming a bearish pattern on the daily chart and can move to a new low in the near future.On the daily chart it is trading near the value of $0.029 with a drop of 3% in the intraday session.Resistance of the VET can be seen near $0.04.Meanwhile the support of the asset price can be seen near $0.01.It is trading above the 50 and 100 Daily Moving Average and can see a new high in the future.There can be a positive crossover which can push the asset price to a new high.
VET RSI is currently near 61 suggesting its presence in the overbought zone.There is a downside slope suggesting a downside momentum in price.
Conclusion
Vechain upside momentum has a taken a pause but can move to a new high in the future. Various analysts are expecting a strong growth in the future.
Technical Levels
Major Resistance:$0.035
Major Support:$0.01
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.
Source: https://www.thecoinrepublic.com/2023/02/24/vechain-price-prediction-is-whale-activity-not-sufficient-enough-to-continue-vet-price-rally/