VeChain is a blockchain-based platform that works on the supply chain management and mass adoption of blockchain technology. Crypto enthusiasts are optimistic about the future potential of VeChain because it has many real-world use cases.
At the time of writing this post, VET was trading around $0.0177 after forming five bullish candles on the daily chart; it is down today, suggesting a short-term correction around the resistance of $0.019.
However, candlesticks are forming in the upper Bollinger Bands with bullish RSI and MACD, which suggests a continuation of this bullish trend after this minor correction.
There is a selling pressure from the first week of November after the declaration of the FTX liquidity crisis. At that time, it was trading around $0.028 with support of $0.022, but it has not regained the price in the last three months. Read our VeChain prediction to know when the price will be retained in the coming months.
It would be an ideal time to invest for the short term with a target near the resistances. If VeChain breaks the level, the price could be long-term bearish.
On the weekly chart, candlesticks have formed in the lower BB in the last six months, suggesting a downtrend with lower highs and lower lows. Other popular technical indicators are also bearish, so it might not be the right time to accumulate VET for the long term, but you can definitely capitalize on the opportunity for the short term.
Though 2023 begins on a positive note, experts suggest a volatile year ahead. That is why you have to be cautious and mark a buying zone for altcoins. Please keep a closer look at your crypto portfolio.
Indeed, VeChain has a high potential to provide a long-term return, but it might not be an ideal time for long-term investment because the VET price is under the bear’s grip. It would be ideal to wait for a few months and invest when the VET price consolidates within a range.