Vechain Price Prediction: VET eying up a potential descent to $0.0093 before a rebound
- VET seems to be trading inside a descending parallel channel.
- The price is close to the lower boundary of the pattern, posing a risk for the bulls.
Vechain is currently trading at $0.01 after a significant crash from its two-year peak at $0.0218. The digital asset has lost more than $500 million in market capitalization in the past two months and continues trading in a downtrend while the trading volume remains low.
A breakout below this level would be devastating for VET
VET is currently inside a descending parallel channel formed on the 12-hour chart. The lower boundary of the pattern is established at $0.0093, while Vechain trades at $0.01. The middle trendline is currently located at $0.014 and the top one at $0.019.
VET/USDT 12-hour chart
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It seems that bears are currently in control, especially after the news from OKEx about the closure of withdrawals. Bears could potentially be eying up the lower boundary at $0.0093 before any kind of rebound towards the middle of the pattern.
Furthermore, a breakout below this point would be quite detrimental to the price, pushing it towards $0.008. The MACD also flipped in favor of the bears around 20 hours ago, while the RSI has not yet crossed into the oversold zone.
VET/USDT 15-minutes chart
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On the lower time-frames, it seems that the price of VET is attempting to climb above all three SMAs. On the 15-minutes chart, bulls pushed the digital asset above the 50-SMA, and the price is trying to close above the 100-SMA and the 200-SMA as well.
On top of that, the MACD turned bullish after a huge 7% spike towards $0.01125, most likely caused by a large whale. This recent move does somewhat shift the odds in favor of the bulls, looking for a clear breakout above $0.011 to reach the middle boundary of the descending channel at $0.014.
Crucial price points for Vechain
It seems that the recent downtrend is pushing Vechain towards the lower boundary of the descending parallel channel formed on the 12-hour chart. Bears are eying up $0.0093 as the first price target; however, a breakout below this point could drive the digital asset towards $0.08.
From a bullish perspective, bulls have managed to push the price of Vechain to $0.0112 after a massive price spike in the past 30 minutes. A breakout and close above $0.011 can easily drive VET towards the middle boundary at $0.014.
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.
