- VeChain price saw an 11% correction on October 28.
- This descent comes as Bitcoin slipped under $60,000, triggering an altcoin market collapse.
- VET is likely to drop another 20% to $0.10 before it begins to comprehend a reversal.
Vechain price saw a massive uptrend from September 29 but hit a ceiling on October 26. Since this point, VET has kick-started a descent due to the recent altcoin market crash and hints that a further correction is on its way.
VeChain price has more to shed
VeChain price set up a swing high at $0.148 on October 26, making it the third swing point in the $0.15 range. This development suggests the formation of a top reversal setup known as a triple top.
This technical pattern forecasts a trend reversal. Therefore, investors can expect VeChain price to drop 20% to the immediate support level at $0.10. However, this downswing could overextend as sell orders cascade, pushing VET to the demand zone ranging from $0.082 to $0.094.
A dip into this area will likely rejuvenate the buying pressure for VeChain price, restarting the efforts to reverse the downswing. However, market makers could push VeChain price below $0.082 to collect liquidity.
Although a reversal of the bear rally is plausible here, a decisive daily close should see VET head toward the range low.
VET/USDT 1-day chart
On the other hand, if VeChain price produces a bullish momentum, pushing VET to produce a decisive daily close at or above $0.132, it will signal the buyers are ready for a comeback. A confirmation of this outlook can be obtained if VeChain price produces a daily close above $0.148.
In that case, investors can expect VeChain price to make a run at the trading range’s midpoint at $0.167.
VeChain price eyes 20% upswing as VET bounces off the buy zone
- VeChain price successfully tested the buy zone, extending from $0.097 to $0.11, triggering an uptrend.
- A decisive close above $0.12 will confirm a rally and propel VET by 20% to $0.146.
- A daily close below $0.095 will invalidate the bullish thesis by creating a lower low.
VeChain price has been on a downtrend for the past three weeks and is showing signs of a reversal. Clearing a crucial barrier that VET is currently grappling with will confirm the start of this uptrend.
VeChain price to reclaim old highs
VeChain price dropped 44% from $0.18 to $0.10 between November 9 and November 28. This correction pushed VET straight into the buy zone, stretching from $0.097 to $0.11. This area is where high probability reversals occur, and as seen, VeChain price has already rallied 16% to where it currently trades – $0.12.
As VET hovers around the 50% retracement level at $0.12, market participants should wait for a daily close above it to enter long. This move will help solidify the upswing and trigger a 20% ascent to $0.146.
Clearing this level with enough buying pressure to spare will see VeChain price make a run for the range high at $0.16. In some cases, VET could sweep the swing highs at $0.17 and $0.18 to collect liquidity resting above them.
Therefore, investors can expect anywhere between a 20% to 30% upswing for VET.
VET/USDT 12-hour chart
While things are looking decent for VeChain price, a retracement to $0.10 or $0.097 on VET would provide investors with another buying opportunity.
However, if VeChain price produces a daily close below the range low at $0.081, it will invalidate the bullish thesis.
‘VeChain Thorsday’ on 2 Dec, 2021 VeChain (VET) Grows and Attracts the Attention
VeChain Foundation Expressed: We are excited to introduce VeChain Thorsday! Each Thursday, we’ll be hosting projects built on VeChainThor over on our Discord channel. Tune in weekly to hear what’s happening, meet the community and win prizes! Keep your eyes peeled for our first session, coming soon.
Love Metaverse, NFTs & GameFi? Join the first ‘VeChain Thorsday’ on 2 Dec. at 8PM UTC & begin exploring projects built on VeChain.
Community Reaction: How about you take one of these days and explain how you need to sell 1.3 billion vet a quarter to pay for ongoing business expenses.
It makes sense, as VeChain grows and attracts the attention of more enterprises and governments, they really can’t have individual team members getting into it with Twitter personalities. All communication needs to be streamlined, appropriate and well timed.
Could some supply of the currency be burned in the near future and be in more exchanges?
Just tell me how VET token is going to get advantage of all your partnership? Growth, if you read the white paper. It tells you everything you need to know.
What are VET’s plans for 2022? Recently, VET has been sideways and there is no latest dynamic.
This is exactly what we need, more activity in the networks. It is time that we give it the importance that this great project really has, I hope that this year 2022 we will continue to see more activity with VET. I keep holding on until the end.
Always someone complaining, always something to complain about. Buy the coins with puppies and bunnies. Another good step for VET.
Very promising I liked the concept of the project but there has been very little communication from the team.
I rather see enterprise adoption then hype tweets. So, far no other blockchain tech companies that have the type of growth then VeChain, but I understand your opinion.
Not looking for hype tweets, however, VET governance is a public process, at least for now (voting for mainnet updates, gas fees). What happens if they lose public support and can’t get important updates passed? Better to start re-shaping public perception sooner than later
This is a brilliant idea for more community participation and for everyone to get familiarised with projects built on VeChain.
VET runs POA, calls themselves an enterprise platform – has no major announcements, starts dipping into NFTs (crappy ones), Now Metaverse, and Sunny says Vechain 3.0 is DAO? Is this why Vechain foundation has been selling for Op costs? wheres the focus?
Is it going to benefit VET token? No? What a crypto?
You guys really need to hire an experienced community relations person.
Vechain price analysis: Recent upsurge drives price above $0.117 margin
- Price has heightened up to $0.117.
- Vechain price analysis shows uptrend.
- Support is stable at $0.103 level.
The bulls are striving to make a comeback, and so far, their efforts have been productive as the price covered an upward movement today. As the sellers have been active, a constant downswing has been following the market for the past few weeks. There have been bullish intervals where the market followed an increasing trend, but the overall lead has been for the bears. But now, the bulls are participating again as the price increased up to $0.117 today.
VET/USD 1-day price chart: Bullish trend uplifts coin value up to $0.117 high
The one-day Vechain price analysis confirms that chances of recovery are rising for the bulls because of a sudden reversal in trends. The bears have been dominating the price charts for the past few weeks as more selling activity occurred. But today, strong resistance from the bullish side was observed as the price increased up to $0.117 height. The price is still lower than its moving average (MA) value which is $0.122.
As the price has been undergoing a continuous decline for the past few weeks, the Bollinger Bands average has dropped to $0.138. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $0.174 while its lower back is at $0.103. The Relative Strength Index (RSI) score is now 38.89 after today’s recovery.
Vechain price analysis: Price stumbles at $0.117 after facing rejection
The four hours Vechain price analysis predicts a bearish trend as a slight decline in VET/USD market value can be detected. Although the bulls controlled the market trends earlier, the latest development has been in the bearish direction. The price is now settling down at $0.117 as a result of the latest bearish strike. The short-term trending line is still moving ascendingly due to the previous uptrend. At the same time, the moving average value at present is $0.113.
The volatility is on the decreasing side, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $0.121, whereas its lower back is at $0.108. The RSI score is now 38.89, which is quite a neutral figure.
A strong selling trend has been dominating the market over the period of past two weeks, hence the bearish indication. The technical indicators chart is thus supporting the sellers by giving a bearish hint. Thirteen indicators are on the selling side; nine hands are on the neutral side, while only four are on the buying side.
The moving averages indicator is following a definite bearish trend because of the rise in selling activity. Currently, 11 hands are present on the selling position, three indicators are on the buying position, and one is on the neutral position. The oscillators predict a neutral trend as eight oscillators are on a neutral position, two oscillators are selling, and one is on the buying position.
Vechain price analysis conclusion
The one-day and four hours Vechain price analysis is predicting an uptrend for the day as the price followed an increasing movement. Green candlesticks are marking a recovery for the bulls as the price has heightened up to $0.117. We can expect a rise in buying momentum in the upcoming weeks if the buyers perform persistently.