Vechain is a blockchain platform that aims to provide businesses and organizations with a secure and efficient way to track and manage their supply chain operation. Vechain uses two token systems. One of them is VET, which is used as a value transfer token and the other one is VTHO token which is used as a token to pay for the usage of the Vechain Blockchain.
Recently, the Vet price shattered the support of $0.02 level and formed support at $0.0189. The uptrend for the Vechain price started after the price received a rejection from the $0.02 level, causing a rise of approximately 33%. This move helped in the creation of a $0.0266 high, which triggered the drop in the price.
Vet price is currently in a narrow consolidation zone between $0.0189 and $0.020. The cryptocurrency price has been consolidating in the current range since 8 May. If the price can break below the current support, there is a high probability for the price to reach $0.01620.
This move will cause a downfall of roughly 14% in the price. For the price to regain bullish momentum, it must rise above $0.0228. The first hurdle for price resides at the April high of $0.0266, after which the price can advance toward the annual highs. The year-to-date return of the Vechain price is 22.85% while the three-month return has dropped to -39.06%.
Vechain’s Partners With DeFi Solution Provider Safe Haven
This partnership will help solve anomalies and drawbacks surrounding the ledger ‘recover’. Safe Haven chose due to its highly sophisticated blockchain and its strength including its multi-payment protocol, in expensive fees, low energy consumption, and impressive speed. Vechain and Safe Haven’s partnership also includes technological components that support the development of Vechain.
Will VET Price Drop to $0.01620 level?
Chaikin money flow score is 0.14 indicating that bullish strength is slowly rising in the market. VET price is trading below 20,50,100 and 200-Day EMAs indicating bearish momentum in the price.
RSI has started to rise after touching the 30 Mark and is currently trading at 39.87 suggesting a rise in buyers. The bands of the bollinger have contracted indicating low volatility in the market. VET price received a rejection from the 20-day SMA but the current candle is again headed toward the upper band.
Conclusion
The overall trend for Vechain price is bearish but bulls are starting to step in the market to protect the price from breaking the recent support. The technical parameters show a chance for the price to break above the resistance level of $0.02 level.
Let’s see if the Vet price can recover from the losses.
Technical levels
Major support: $0.01890 and $0.01620
Major resistance: $0.0200 and $0.0220
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/2023/05/22/vechain-price-prediction-vet-price-forms-support-at-0-0189/