VeChain close to its $0.010 support: Can VET bounce in 2023?

VeChain is a decentralized model that manages supply chains for corporate houses. VeChain is a fundamentally strong and sustainable cryptocurrency, so many enthusiasts add it to their portfolios as an asset.

At the time of writing this post, VET was trading around $0.016, forming a bearish pattern on the daily chart. After the FTX liquidity crisis, many cryptocurrencies returned to their previous support levels, but VeChain continues the downtrend. Can VeChain recover from this bearish price action? Check out our VET predictions to know.

VET Price Analysis

Most technical indicators are bearish because candlesticks are forming in the lower Bollinger Bands with an RSI below 40, which suggests a continuation of this trend for the next few weeks. It is tough to define support for the short term, but we have to analyze the weekly chart for a long-term view.

VET Price Chart

On the weekly chart, there is support around $0.010, so there is a high possibility that the VET price will bounce back from that level for at least a few weeks. However, it does not make the coin long-term bullish.

The last three weekly candles are red which suggests a sell-off in the market. You should not treat it as long-term bullish until the VET crosses immediate resistance. During this time, the inflation recession and US FED rate hikes have been impacting the market for the last year, and it will continue in 2023, so the market will be volatile even in the next few months.

Cryptos and stock markets are also observing a sudden sell-off due to the rise of Corona virus in China. All these things must be observed to manage the portfolio in the next few months.

Like many other cryptocurrencies, VeChain has not performed well in 2022. We do not think it will bounce back in the next year, but due to the massive volatility in the crypto markets and uncertainty in the global scenario, Vechain might be available at a lower price. The inflation problem will take another two years to stabilize the global economy. If you miss the previous opportunity, wait for a lower price to add VET to your crypto portfolio.

Fundamentally, VeChain is a strong cryptocurrency with a wide range of use cases, which makes the coin sustainable, so you can accumulate the coin if you are interested in long-term holding.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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