The VeChain price has been in a tight range as investors assess the future of cryptocurrencies after the sell-off that happened in May. The VET price is trading at $0.1065, which is 7% below the hughest point on Sunday and 61% below the highest point this year. According to CoinMarketCap, the currency has a market capitalization of more than $6.892 billion, making it the 20th biggest cryptocurrency in the world.
What happened: The VeChain price has been in a tight range recently as investors pay attention to what is happening in Bitcoin. The BTC price has struggled in the past few days as worries of regulations and high interest rates remain.
The cryptocurrency is trading at $34,000 and some analysts believe that the price of Bitcoin will crash by more than 40% to $20,000. This is important simply because VeChain and other altcoins has a correlation to Bitcoin price action. So, what next for the VeChain prices?
Turning to the four-hour chart, we see that the VET price rose to $0.1407 last week. This price was 112% above the lowest level in May. The price was also slightly below the 38.2% Fibonacci retracement level. However, there were no enough bulls to push the price above this 38.2% retracement. Today, the coin’s price has fallen below the 23.6% retracement level.
The price also seems to be forming an inverted head and shoulders pattern. Therefore, we can’t rule out a sitiation where the VeChain price bounces back to the 38.2% retracement level at $0.1470. However, a drop below $0.0926 will invalidate this prediction.
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