VeChain is a blockchain especially developed for business purposes, catering to the enterprise clientele. The range of VET prices has been fairly tight as investors were busy evaluating the price movements in Bitcoin as it struggled a few days ago.
The VeChain price traded at $0.1065 on Monday, a 7% fall from the highest mark on Sunday & around 61% dip compared to this year’s highest point. As per the CoinMarketCap, VeChain ranks 20 in the crypto world as its market capitalization is above $7.8 billion.
VET cryptocurrency traded at $34,000, and according to a few analysts, Bitcoin price is likely to crash by over 40% and drop to $20,000. This is essential since other crypto coins and VeChain have a significant correlation to these BTC price movements.
Will VET Price Regain Positive Momentum?
The VET and BTC duo traded slightly positive with 0.56% intraday gains with 0.000003094 BTC, while VET and Ethereum jumped at 1.17% intraday increment with 0.00004549 ETH.
VET price is fluctuating around the 0.236 fib level with a good support level of 200-DMA. The resistance line acted strongly at 50 and 100-DMA while the asset fell below 200, 50, and 20-DMA.
The volume action in the monthly chart has dropped lower than the average line. Improvement is required to pull this over the average line. The support levels on the lower side at $0.0660 and $0.0940 and resistance levels on the higher side at $0.1920 and $0.1475 when the closing day candles over 100 and 200-DMA boost the market, making it relatively bullish.
According to the weekly price chart, the VeChain currency is nearing its final supply zone and may face rejection from distribution aspects. The technical indicators are slowly showing positive momentum.
VeChain Price Predictions
At present, VeChain is moving at 0.12 together with a 1.76% intraday gain, and the ratio of volume to market cap remains at 0.1232. VeChain price rise was over 112% compared to its lowest in May, and it amounted to $0.1407 over the past week. This price, however, was a little below the fib level of 38.2%. It later fell below the retracement level of 23.6%.
The 4-hour price chart also showed a formation of shoulders and an inverted head pattern. Hence, there is a possibility of VET price bouncing back to the retracement level of 38.2% at $0.1470. Nevertheless, this prediction will be invalid if the price falls below $0.0924.
The dip in the crypto market has pulled down the VET price by a great margin. If everything goes well in June, it can be expected to bounce back to its previous all-time high. Based on our VeChain price prediction, if the market and investors remain bullish, the price may rise to $1 by the end of 2021