Vechain Price Forecast: VET can slowly climb towards $0.035 as long as this level holds
- Vechain price has been in a long-term uptrend and continues to defend critical support level.
- VeChain has introduced several new features on the platform which should drive its price higher.
- Crypto.com has recently started to support lending for Vechain.
Vechain has recently announced the VeChain Sync 2, which is a new digital wallet to support decentralized applications across all platforms. On January 29, Crypto.com lending exchange also announced it will support Vechain with a Loan-to-Value (LTV) ratio of up to 50%.
Vechain price can continue to rise higher thanks to positive metrics
Vechain price has been trading above a crucial support trendline formed on the 4-hour chart since December 28, 2020. In the past 24 hours, VET bulls have defended this level yet again pushing the digital asset by 10%. If Vechain can continue holding this uptrend, it can reach $0.035 in the long-term.
VET/USD daily chart
It’s important to note that the Search Trends metric shows that spikes in searches lead to corrections in price. Currently, searches for Vechain are still low which indicates that it can still rise higher without any resistance.
VET Search Trends
The last few announcements from the VeChain Foundation are also bound to help VET price. VeChain Sync 2 which is a new digital wallet will drive the mass adoption of decentralized applications and at the same time bring more users to Vechain.
VET/USD 12-hour chart
However, on the 12-hour chart, Vechain could be forming a head and shoulders pattern which means it’s bound to drop towards $0.021 before resuming any potential uptrends.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
