The Vet price is currently stuck in a consolidation zone ranging between $0.0189 and $0.020 level after the break of crucial support of $0.02. Since the start, May has been a difficult month for Vechain price; it has been in a strong bearish trend.
On May 1, the cryptocurrency price breached the $0.022 level, which fueled the bearish momentum. After forming the annual high at $0.03255, the Vet price has been in a strong bearish trend. The first corrective phase after high formation pushed the price down to the $0.02 level, which supported the price to regain bullish momentum.
Vet Price did try to retest the annual highs but received a firm rejection from the $0.02660 level, which again triggered a drop in the price. This drop has resulted in the formation of recent support at $0.01890.
If bears push price further below the recent support, there is a possibility that price might melt down at yearly lows. This would result in the Vet price losing all its current year gains. While on the other hand, if there is a break and close above $0.02 level, the price might move toward the next resistance level of $0.0212 causing a rise of approximately 5.80%.
VeChain Prepared to Launch Mobile Wallet on Apple TestFlight
The Vechain team made an announcement to launch Veworld on Apple’s test flight. Before launching any app on the App Store, it is tested on TestFlight which invites users to test your apps and collect valuable feedback.
Some of the key features of Veworld include FIAT on and off ramps, a native NFT viewer, and cross-chain bridges. Recently, Vechain partnered with Federazione Italiana Tennis e Padel(FITP) to make history with its first-ever Phygital trophy.
Will VET Price Break the Consolidation Zone in a Downward Direction?
Vet price currently trades below all the major EMAs indicating bearish momentum in the price. The relative strength index is at 40.38 rising after touching the 30 mark indicating an increase in buyers in the market.
The Bollinger bands have contracted indicating low volatility and the Vet price is encountering rejection from the 20-day SMA of Bollinger which indicates it might break the recent support in upcoming days.
The long/short ratio is 0.91 with 47.82% longs and 52.18% shorts showing bearish pressure over the price in the last 24 hours.
Conclusion
The market structure and price action are currently indecisive for VeChain price but the overall trend is still bearish. The technical parameters are in the favour of sellers, but there is still no confirmation about where the price might head in the upcoming days.
Technical levels
Major support: $0.0189 and $0.016
Major resistance: $0.0212 and $0.0228
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/2023/05/27/vechain-price-prediction-vet-price-consolidates-after-declining/