- Summary:
- VeChain price has been in a consolidation phase in the past few days as cryptocurrency prices stage a strong comeback.
VeChain price has been in a consolidation phase in the past few days as cryptocurrency prices stage a strong comeback. VET price jumped to a high of $0.0246, which was the highest level since September 13. It has risen by more than 17% from its lowest level in October, giving it a market cap of over $1.4 billion.
Is VET a good buy in November
VeChain price made a strong recovery recently after the community members voted for the Proof-of-Authority (PoA) 2.0 proposal. The vote, which was carried out on the VeVote platform introduced the official implementation of VIP-220 feature.
This feature introduced Finality With one Bit (FOB) on the VeChainThor Mainnet. FOB allows the network to run dual modes of consensus: Nakamoto and Byzantine Fault Tolerance (BFT) consensus. The upgrade is meant to make VeChain much faster and safer for its users.
VeChain price will also react to this week’s Fed interest rate decision. The bank is expected to hike rates by 0.75%, bringing the year-to-date increase to 375 basis points. Investors will react to the outlook of rate hikes by the Fed. Signs of a pivot will be bullish for VeChain and other cryptocurrencies.
Analysts at Bank of America, Goldman Sachs, and UBS believe that the Fed will maintain its hawkish tone. They cited the soaring inflation and signs that the American economy is doing well. On the other hand, analysts at JP Morgan believe that the inverted yield curve could push the Fed to start pivoting.
VeChain price prediction
The four-hour chart shows that the VET price has been in a bullish trend in the past few days. In this period, the coin has formed an ascending channel that is shown in green. It has risen above the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the neutral point. It is slightly below the important resistance at $0.0245.
Therefore, the VeChain price will likely continue rising as bulls target the second resistance of the standard pivot point at $0.026. A drop below the support at $0.023 will invalidate the bullish view.
