VeChain Price Analysis: Will VET again Showcase its Potential?


  • VeChain’s EMA(10) shows a upward trend.
  • In terms of VET support floor, it is now $0.022.
  • VET faces resistance at $0.024.
  • VeChain is presently valued at $0.042

22 April 2024 : In this article we will walk you through VeChain price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for VeChain, Is VET a good investment? VeChain support & resistance levels etc. But before diving deep into the VET technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $2,442,152,539,875. The total trading volume stands at $63,692,393,722. Bitcoin shares 53.52 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $66,405.92 level after an upward movement of 1.93%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 1.59 percent reaching to $3,233.06 during the previous 24 hours.
While publishing this blog, BNB traded at $606.31, following a price change of 4.79% within the same time frame. SOL the native coin of Solana is up by 2.86 and currently trading at $155.52. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

VeChain Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of VeChain (VET)

VET Resistance Levels VET Support Levels
Resistance Level 1 $0.024 Support Level 1 $0.022
Resistance Level 2 $0.025 Support Level 2 $0.020
Resistance Level 3 $0.026 Support Level 3 $0.019

VeChain Performance

The current VeChain price is $0.042, with a trading volume of $65,048,573.00 in the past 24-hours. Currently, VET is up by 0.18% since yesterday with a market capitalization of $3,085,892,163.00 USD.

VeChain Price Analysis

VET price analysis for 22 April 2024 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the VeChain.

Moving Averages Price Indicator
Simple Moving Average (10) 0.023 Buy
Exponential Moving Average (10) 0.023 Buy
Simple Moving Average (20) 0.023 Buy
Exponential Moving Average (20) 0.023 Buy
Simple Moving Average (50) 0.024 Buy
Exponential Moving Average (50) 0.024 Buy

While VET’s Williams %R indicator is at -26.667 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The VET/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The Relative strength index (RSI) for VET Coin is currently hovering at 38 for 14-days average line, which means VET is just recovering from a oversold condition.

Conclusions

From the technical analysis, the overall trend of the VeChain is still bearish; however, the price action might shows an attempt a bullish reversal with its bullish engulfing candle pattern. Therefore, if VET manages to stay above $0.022, it can provide an excellent long opportunity for VET communnity.