VET Price Projection: Is There Potential for VeChain Price to Double in the Future?
The recent price movement of VeChain (VET) has shown a consistent upward trend since the end of October 2023, with higher highs and lows. However, the price faced resistance at the supply level of $0.0511 and made multiple unsuccessful attempts to break through.
Eventually, the price retraced and found support at $0.03300 in mid-May 2024. It then consolidated at this critical support level for the next two months before the bears stepped in again, breaking this support. By June 18th, 2024, the price reached the previous resistance, now turned support, at $0.02395.
At present, the VeChain price chart indicates dynamic resistance pushing the crypto downward, with the MACD below the zero line in bearish territory and the RSI below the median line. However, recent movements have shown hints of bullish behavior, with a 2.37% surge and the MACD generating a bullish cross.
Overall indicator analysis suggests a bearish state for VET, despite some bullish traits in the price movement. The support levels appear robust, and if buyers step in, a bullish rise is possible.
As of now, VeChain is trading at $0.02672 with a 0.49% intraday gain. The circulating supply is 80.99 billion, the market cap is 2.17 billion, and the 24-hour trading volume on all platforms stands at $44.74 million.
In case the major support is broken, the price decline could continue towards $0.020000 and $0.015000. On the other hand, if the price manages to break through the support zone and move upwards, it could target the upper boundary and potentially surpass it, with resistance levels at $0.033000 and $0.045000.
To summarize, VeChain’s price structure has demonstrated an uptrend since October 2023, reaching a supply level of $0.0511. Despite facing resistance, it found support at $0.03300. While current indicators indicate bearishness, recent price increases hint at the possibility of a future bull run. However, it is important to note that trading or investing in cryptocurrency assets carries a risk of financial loss.
Disclaimer: The views and opinions expressed in this article are solely for informational purposes and do not constitute investment or financial advice.