|

VeChain Price Prediction: VET to enter new rally to $0.084

  • VeChain price withstood the turmoil in the markets very well. 
  • All technical indicators were respected, keeping VET supported. 
  • It can ride the risk-on tailwinds towards $0.084.

VeChain price made it out of the storm in a decent technical position. Markets got caught in a two-day spiral of risk-off and cryptocurrencies saw a negative return. Now it is time to look upward again, with markets back to risk-on today.

VeChain price can rely on two solid supports to pop by 13%

VeChain was no different from other cryptocurrencies and risk assets after publishing the Fed Minutes past Wednesday. Markets went for two consecutive days of red prints. But VET held very solid its price action and looks to come out of the correction relatively unharmed. 

The dip yesterday made buyers go in on VeChain at $0.0725, where a technical bounce off the orange descending trendline that goes back to the beginning of June took place. Buyers paired the losses, and the next four-hour candle even closed above $0.0737, which acted as an intermediate support. 

Add that the RSI dipped briefly below 35, and thus in the oversold territory, and buyers could not resist picking up some VET tokens. 

Target to the upside would be the 55-four hour Simple Moving Average (SMA) that has put a cap on price action since July 7.

VET/USD four hour chart

VET/USD 4-hour chart

VeChain price proves that technicals and fundamentals are essential to look at, and the fact that they can withstand a sell-off, as we’ve seen the last two days, proves that buying and interest are still there. So, VET looks bright and ready for some upside.

Should markets roll over again further today or this weekend, look for $0.07 as psychological level and $0.065 as first support. VeChain price action to the downside will be limited with RSI by then in oversold territory. So, sellers will look to cover their positions earlier than that. 

Author

Filip Lagaart

Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.

More from Filip Lagaart
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.