VeChain Price Prediction: VET upswing thwarted again as sell signals multiply

  • VeChain price has failed its third attempt to breach the $0.228-$0.245 supply zone.
  • A decisive close above $0.245 will signal the start of a new bull rally.
  • The development of MRI’s sell signal worsens VET outlook as sellers eye a 12% decline.

VeChain price shows an ambiguous outlook as it has set up a textbook uptrend with a series of higher highs and higher lows, but technical indicators hint at a downtrend.

VeChain price tests bulls’ persistence

VeChain price has been a high-performing asset since the start of the current bull run in early January. Of late, though, VET seems to be experiencing a slowdown after hitting an all-time high of $0.279 on April 17.

The supply zone that extends from VeChain price $0.228 to $0.245 has prevented VET from heading on a full-blown upswing. This resistance barrier has prevented the bulls from ascending three times over the past two months.

While this can be interpreted as bearish, the series of higher highs and higher lows over roughly the same period shows a bullish formation.

However, the Momentum Reversal Indicator (MRI) has flashed a cycle top signal in the form of a red ‘one’ candlestick on the 6-hour chart. This setup projects a one-to-four candlestick correction. 

Regardless of the bearish setup, if VeChain price produces a swift close above $0.245, it would signal the start of a new uptrend.

In such a case, VET could surge nearly 9% to tag the recent swing high at $0.266. Following the breach of this level, if the buying pressure persists, VeChain price could set up a new high at $0.303, coinciding with the 161.8% Fibonacci extension level.

VET/USDT 6-hour chart

VET/USDT 6-hour chart

On the flip side, if the MRI pushes VeChain price below the support barrier at $0.222, it would invalidate the forementioned bullish scenario.

If this were to happen, VET could fall 13% toward the next demand level at $0.192.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP Price Prediction: Ripple fears of a major decline are unwarranted

XRP price remains locked in a range between the psychologically important $1.00 and the neckline of a multi-year inverse head-and-shoulders pattern at $0.76. However, a lack of technical ...

More Ripple news

BoE criticizes Bitcoin and touts potential CBDC would not be energy inefficient

The Bank of England is currently continuing its research on developing a central bank digital currency. The central bank’s director of fintech stated that it had not decided on whether a CBDC is needed.

More Cryptocurrencies News

Tezos price races higher on McLaren NFT expansion, but XTZ still faces hurdles

Tezos price has caught a bid today on the McLaren news, bouncing from the symmetrical triangle’s lower trend line, but the gain has not shifted the bearish bias of the charts. 

More Tezos news

SafeMoon price sheds weak hands, frees SAFEMOON to start new uptrend

SafeMoon price has quietly drifted into the 50 four-hour SMA following the explosive 50% gain into the June 15 high. The fundamental break with the suffocating descending channel has elevated the outlook for ...

More Shiba Inu News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast