Our last week’s VeChain price prediction is playing out exactly as predicted. VET price is on its way to hitting our price target of $0.033. This week’s analysis suggests that the bulls might have more gas left in the tank. Nevertheless, we still don’t recommend in chasing the current pump as the price might generate better entries.
Bitcoin price surged above $24,000 once again on Monday morning. Many altcoins also followed BTC in this move after confirming their bullish breakouts last week. VeChain crypto price has also gained 3.61% within past 24 hrs. At the time of writing, VET is trading at $0.0324, and it is on its way to retest $0.033 resistance.
It is worth mentioning that VeChain price has been in a constant downtrend since the start of the year. The selling pressure significantly increased after the price failed to reclaim 200-day MA in March 2022.
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Technical analysis of the VET USD price chart suggests that the price started to surge following a breakout from the $0.020-$0.027 range. The positive price action retraced a bit in the last week but didn’t make a lower low. This higher low has given bulls enough gas to rocket towards $0.037 in the short term and $0.042 in the medium term. The latter price target comes by the confluence of the 200-day moving average and the Fib golden pocket.
The above VeChain price prediction is more likely to be met if the price shows some increase in volume. Despite of breakout, VET is still lacking good volume. To avoid any downside, it is better to keep the stop loss for any long trade below last week’s low of $0.0262. A breach of this level might make the price retest its June lows near the $0.020 level. You may buy VeChain by signing up on a crypto exchange like Binance.
This post was last modified on Aug 08, 2022, 17:04 BST 17:04