VeChain Holds Potential to Recover Despite Recent Consolidation

VeChain price is trading around $0.055 after a constant downfall from a peak of $0.18. The price has been trailing below the long extending downtrend line for the past three months; however, recently, it has been moving sideways. In the past three months, the VET coin has registered a tremendous fall in the past three months. The coin moving in consolidated momentum and getting tested at the support line shows weakness in the trend that may push the price in any direction.

On the daily chart, the MACD indicator indicates an upside momentum. The RSI being at 39 is currently neutral but may head towards overbought as it has turned from an oversold zone. There was an immense volume for the bears at the support line in the bearish candles formed during the last week of January, but the price didn’t decline further, nor did the candles get closed below the lows. Will the VET price register break out soon? Know more by referring VeChain predictions and longer time frame analysis to avoid unnecessary losses. 

On the weekly price chart, the technical parameters are in the bearish zone, and in the past four weeks, the price of VeChain has marked a 125% plunge. If the VET price closes above the high of the previous candle is $0.058, an uptrend can be expected in the long run; however, if the coin closes below the low of $0.043, a downtrend can be expected in the long run. VeChain cryptocurrency is revolving at the same position from where it has uplifted in the past and has reached its highs.

Investors should wait for the formation of the upcoming candle with a peak or trough before investing in an up-trending or down-trending market. If the price ascends, it may reach a minimum target of $0.084, and if it continues to fall, it may reach $0.03.