VeChain (VET-USD) price has been trading sideways in this week despite a surge in Bitcoin price. Vet crypto had a fantastic start to the year as the price soared to a 6-month high in February. This meant a 109% increase in a span of just 50 days. The price is currently having a massive pullback as the money is flowing from altcoins to Bitcoin.
On Wednesday, VET crypto is trading at 0.0234 and is down 1.39% for the day. The coin is currently 28% down from its YTD peak of #0.0325. Most other altcoins are also showing similar losses as the investors await the rate hike decision by the US Federal Reserve.
VeChain leverages blockchain technology to solve the problems that enterprises encounter on day to day basis. It has a wide range of applications in the traceability and supply chain domains. VET coin is the native asset of the platform, which powers the whole blockchain. It was launched as an ERC-20 token in 2017 and then migrated to its own blockchain in 2018.
VeChain price is influenced by Bitcoin and Ethereum’s price action. However, the coin seems to be lagging behind both leading cryptocurrencies. Bitcoin price is currently 40% up from its monthly lows, while VET is up only 19%.
The following VETUSD chart shows that the price has been trading in a huge range since May of last year. There have been multiple retests of the range highs and lows. There seems to be a nice demand zone at range lows which acts as a support. This was also evident recently as the price dropped below the range low $0.02 but reclaimed it immediately.
However, the price has broken the bullish market structure by making a lower low on the daily chart. This is the only factor that can make VeChain price prediction bearish. Nevertheless, I still expect a retest of the range mids that lie around $0.027 in the near term.
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This post was last modified on Mar 22, 2023, 15:32 GMT 15:32