VeChain Price Analysis: VET looks positive for near future?


  • VeChain(VET) records upswings today.
  • First support level for VeChain is at $0.022.
  • VET/USD trades near $0.023.
  • The current trading volume of VeChain is at $52,653,886.00.

03 October 2022 : 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 -1.34 percent, bringing the entire cryptocurrency market to $942,932,453,244. The total trading volume stands at $55,487,317,888. Bitcoin shares 39.83 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,585.87 level after an upward movement of 2.11%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.39 percent reaching to $1,325.49 during the previous 24 hours.
While publishing this blog, BNB traded at $288.43, following a price change of 1.88% within the same time frame. XRP the native coin of XRP is down by -0.31 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.57% 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 $0.021
Resistance Level 3 $0.026 Support Level 3 $0.020

VeChain Performance

VET has recorded a upsurge, gaining 2.11% in last 24 hours. The current value of VeChain is hovering at $0.023 with the trading volume of $52,653,886.00 USD in the same timeframe. The overall marketcap for VET is $1,697,033,570.00 USD while the coin price changes 3.89% over the week.

VeChain Price Analysis

VET price analysis for 03 October 2022 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) 0.025 Sell
Exponential Moving Average (50) 0.025 Sell

While VET’s Williams %R indicator is at -20.057 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The MACD line is standing above of the signal line after a positive crossover. VeChain investors need to wait for any directional change over the daily chart. As per the price analysis, the VET price may find support at these crucial levels of $0.022, $0.021, moving below these levels might bring the price to $0.020. on the other side, the resistance levels are at $0.024 and $0.025. A bullish breakout from the above levels may lead the price to the $0.026. The Relative strength index (RSI) for VET Coin is currently hovering at 59 for 14-days average line, which means VET is moving towards overbought zone.

Conclusions

The VeChain market is shown signs of being optimistic, and buyers have the potential to drive prices of the cryptocurrency higher in the next few days. The price of VET is expected to break above its resistance level of $0.024. On the other hand, if VeChain broke out from the bullish pattern and led its way toward support level of $0.022.