VeChain price is based on the support of a complex topping process originating on the 23rd of May.

An anchored VWAP as well as an anchored 200-day simple moving average (SMA) could serve as a buffer against the test of the low on the 23rd of May.

VET volume profile shows areas of distribution during the process of topping.

The VeChain Price that has formed a similar pattern as Dogecoin's price, is highlighted by a rounding formation which began with the low on May 23. A bearish structure, accompanied by indications of distribution increases the negative VET outlook. This increases the chances of a test for the 200-day SMA in the near future.

The price of VeChain is hindered by the incredulity of investors

The Bitcoin price rise in the last week hasn't boosted VeChain's price. However, the price of VeChain remains a bit higher on a support line that dates back to May 30. Because of the lack of determination in all altcoins it is possible for the trend to keep going higher. The declining 50-day SMA weight and the absence of accumulation over the last three weeks suggest caution when it comes to VET.

VeChain price like other rebel coins currently, is trading close to viable support levels. This includes the anchoring of the volume weight average (anchored VWAP) at $0.088 and the crucial 200-day SMA at $0.083 thus preventing a total unravelling of VET in the event that support is broken.

If the trade is below $0.094 It will be confirmed that Vechain price prediction. The first target is the anchoring VWAP and the 200-day SMA and the anchored VWAP. This will deliver an average decrease of 21% over the current price. Should selling accelerate, VET could sweep the May 23 low of $0.065. However, suppose the selling is preceded by a larger decline in the cryptocurrency market. The cryptocurrency could drop below $0.065 in this scenario, activating the bearish story centered around the May 19 low at $0.042.

Investors are constantly awed by cryptocurrency markets, so it is important to consider the other side. A daily VET closing above $0.119 can negate any negative sentiment. This could place VET Price Prediction on the path to the 61.8 percent Fibonacci Retracement of the correction of April-May at $0.136. This level was significant resistance in June and May.

VeChain price is searching of a catalyst that could break with the current consolidation. The Bitcoin surge should be the catalyst, but since May's collapse, there has been an increase in risk-aversion and altcoins appear to be more risky than the main cryptocurrency.

Posted by: AboutVirtualCurrency at 09:10 AM | No Comments | Add Comment
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