VeChain Price Prediction: VET to Remain in the Woods a While Longer

Summary:
• VeChain price has been trading below the psychologically crucial level of $0.1000 since late December; a trend that may continue longer.

VeChain price has been on a downtrend for about two months now. Notably, it has remained below the psychologically crucial level of $0.1000 since dropping below that zone in late December. In the short term, it will likely remain below this zone.

According to CoinMarketCap, its market cap has dropped by 4.35% over the past 24 hours. During the same period, its trading volume has risen by 12.06%.

VeChain price prediction

VET has bounced off Thursday’s low of 0.0793 in early Friday trading. Nonetheless, it is still below the week’s high of 0.0833 which it hit earlier in Thursday’s session.

At the time of writing, VeChain price was up by 2.5% at 0.0793. On a four-hour chart, it is trading along the 50-day EMA and slightly above the 25-day EMA. However, it is still below the long-term 200-day EMA.

In the short term, I expect the altcoin to remain under pressure. From this perspective, the range between Thursday’s low of 0.0793 and the resistance level along the 200-day EMA at 0.0876 will be one to look out for. The aforementioned resistance zone has been a crucial one for the crypto since early December.  

Below the range’s lower border, the bulls will have to defend the support around 0.7000; specifically at the week’s low of 0.0694. On the flip side, a move above the range’s upper border will likely place the resistance level at 0.0905.