38 minutes ago | Michael Fasogbon
| ⠀VeChain Thor price: | $0.0053 |
|---|---|
| ⠀Key VET resistance levels: | $0.0062, $0.0071, $0.0079 |
| ⠀Key VET support levels: | $0.0045, $0.0038, $0.0031 |
*Price at the time of writing
VeChain price long-term prediction: Bearish
VeChain is currently trading in an important support zone. The M-pattern spotted on December 6 has eventually played out to where VET is currently priced at $0.0051, slightly above the orange horizontal area.
How to buy VeChain (VET) on Binance
Having gained +2.60% overnight, the 30th largest coin on the market is currently supported by $0.0045. While VET struggles in the orange support zones ($0.0045 -$0.0050), there’s no clear sign of a clear bounce or continuation. The technical indicators are still positioned in a downward range.
A successful climb above this zone would allow decent gains to the $0.0062, $0.0071 and $0.0079 resistance levels.
In the opposite direction, the price of VeChain could further roll to $0.0038 and potentially $0.0031 if the sellers overcome the $0.0045 support. To initiate an entry, we need to see a clear swing from the mentioned price zone.
VeChain price medium-term prediction: Bearish
VET is currently following a downward trend, but it appears that buyers are beginning to show interest in the market. VET’s support levels at $0.0043 and $0.0046 could serve as the basis for a climb higher. As we can see on the RSI indicator, VeChain is slowing gaining strength back.
The bullish momentum is also forming on the MACD indicator, but the signal is not yet valid. More importantly, we should pay attention to a possible breach above the orange descending line which has been forming since December 4. A significant climb could rise VET straight to the $0.0078 resistance, although it would need to break the $0.0065 and $0.0071 resistances along the way.
If the bullish signal fakes with a strong rejection at $0.0055, VeChain could roll back to the $0.0043 support. A continuous drive could trigger more selling pressure. Looking at the current setup, however, the buyers are likely to regain control of the VET market.
VeChain price short-term prediction: Bearish
Currently, VET is attempting a break above the orange descending trend line. If the break occurs, we should expect buying pressure targeting the $0.0065 resistance. Until then, VeChain remains in a bearish condition.
Another thing to look out for here is the technical MACD indicator, which is now showing positive signs. Meanwhile, the RSI is rising back from its 50 levels to indicate a coming bullish momentum. However, if the price continues to respect the orange resistance line, the bears may resume pressure. Whichever way, the key support to watch here is $0.0043.
Conclusion
VeChain appears to have finished a short-term bearish play, but the buyers are still weak at the moment. If bulls can show stronger commitment, we can expect a nice gain in no time. More importantly, surpassing the $0.0055 resistance should give strength to the VET market.
Previous VET price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of VeChain:
