Vechain Price Prediction: No one wants to buy the top
- VeChain price is up 63% since January 1st.
- Technical indicators suggest the rally toward the $0.03 zone as a conservative target.
- Invalidation of the bullish trend could occur from a breach below $0.0220.
VeChain price continues to display bullish cues, making it a digital asset worth keeping on the immediate watch list. The uptrend may surge at any moment, despite the skeptical market sentiment amongst traders.
VeChain price looks ready to move
VeChain price is trading at the upper bounds of the recent 63% rally, maintaining its bullish stance. On Wednesday, February 1st, VeChain found support from the 21-day simple moving average, providing evidence that the bulls may be able to continue the trend.
VeChain price is currently trading at $0.024. The relative strength index (RSI) also compounds the bullish sentiment as it comes down into support after breaching overbought conditions on January 17th. As the price ascends, the RSI shows bullish divergences, indicating that bulls are absorbing the profit-taking transactions in the market.
Considering these factors, the psychological $0.03 zone is a likely target to be breached. The bullish scenario creates the potential for a 20% rise from VeChain's current market value.
VET/USDT 1-Day Chart
Traders should exercise caution and keep a close eye on the $0.0220 level, as it will play a critical role in determining the future direction of the VeChain price. A steeper decline could occur if this level is breached, targeting resistance zones within the 60% rally. The key level of interest in this scenario would be the $0.018 liquidity level, resulting in a 27% decline in market value.
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Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
