- Currently the price of the token is close to its 200 EMA (the green line).
- We can see a Golden Crossover taking place on the daily chart as the price moves upward.
On the daily chart we can see that the token has formed higher highs and higher lows which indicates that it has entered an uptrend. The token has currently reached its resistance levels and has begun to consolidate at the same levels.
VeChain on daily time frame
On the daily chart, the token has gone into a consolidation zone. A bull move can be seen to next near resistance i.e $0.03451447 after a consolidation zone breakout. Moreover as soon as the price rises we may see 50 EMA coming close to 200 EMA giving a Golden Crossover. Golden Crossover is a signal for long-term investors to invest in the token to get some great returns.
Relative Strength Indicator (RSI) – With a score of 59.52 the RSI curve surpasses the threshold of 50 points. The price of the cryptocurrency is therefore anticipated to increase.
Analyst views and expectations
We may witness a bull move in the upcoming days. Short-term investors can see the token as an investment opportunity as it can give them great short-term returns. Whereas long-term investors at present should stay away from the token, as to them, it does not look like a good long-term investment opportunity. They can look forward to investing, if at some point of time they see a Golden Crossover taking place on the chart.
The VeChain price forecast from WalletInvestor indicates that a long-term increase is anticipated; the price prediction for 2027 is $0.318. The projected revenue after a 5-year investment is roughly +594.32%.
By the end of 2025, the VeChain price is anticipated to reach approximately $0.0936, according to a projection made by DigitalCoinPrice.
By the end of 2024, the coin’s price is predicted by TradingBeast’s VeChain price prediction to be around $0.125.
The VeChain price prediction made by GovCapital indicates that the coin’s price is anticipated to reach $0.73 by the end of 2025.
Technical Levels
Major resistance -$0.06388556
Major support -$0.00979144
Conclusion
The token looks like a good short-term investment at present time. Therefore it can generate some great returns for short-term investors.
Disclaimer: The opinions represented in this work along with any other opinions are presented primarily for informative purposes and are not intended to be taken as investment advice.
Source: https://www.thecoinrepublic.com/2023/01/31/will-the-uptrend-in-vechain-continue-a-technical-analysis/