VeChain is a decentralized platform that enhances supply chain management. Many corporations use this technology to develop their complex supply chain architecture. Many crypto enthusiasts believe VeChain has great potential for the long term. If you are also on the same shore, read out the price analysis before investing in VET.
Short-term VET Price Prediction
On the daily chart, VET was trading around the yearly low of $0.02, which is in the lower Bollinger Bands that suggests a short-term bearishness. Moreover, in the last six months, VeChain has been consolidating between $0.022 and $0.028.
You can find an increase in volume when it has broken the support, which suggests selling pressure in the last week. Now it is trading below the level, and if it does not regain the level of $0.022, it might become long-term bearish on the weekly chart. Will VET regain the $0.022 level? Read VeChain predictions to know!
Long-term VET Price Prediction
After hitting an all-time high of $0.28, VeChain has been in a downtrend. Now it has broken strong support of $0.022; if it sustains below this level, the next support can be around $0.015, which will be an ideal time to accumulate some coins for the long term.
Though the recent weekly candle is green, it is trading in the lower range of the Bollinger Bands, which does not suggest bullishness. However, the RSI is 36, MACD is bullish, and Bollinger Band lacks volatility- these are positive signs on the weekly chart.
Future Prospect of VET USD
As candlesticks are forming in the lower Bollinger Bands, we do not think it is an ideal time to buy for the short term. If you want a risky trade, you can invest for the short term.
If you want to invest for the long term, you can accumulate VET at this level, but if it breaks the level, you can have to accumulate more coins at a lower price, around $0.01. Before that, you can add it to your watch list and wait until it regains its previous support of $0.022.
The FTX crisis may continue to influence for a few more months. Binance has opened a recovery fund, but it has not been implemented yet. The next few weeks are vital because the SEC started investigating the liquidity crunch, so related news may shake the crypto markets. As a result, it will be volatile in the next few months.