VET Gains Strength After Breakout

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Our VeChain price pre­dic­tion can flip bull­ish if the ongo­ing break­out gets con­firmed by a suc­cess­ful retest. VET price tagged the low of $0.02 last week, as the Bit­coin price slid below $20,000. Nev­er­the­less, the coin is now 20% up from that low and now trad­ing at $0.024. Anoth­er sigh of relief for the bulls is the recent break­out from the down­wards trend­line that has been act­ing as resis­tance since April 2022.

The recent rate hikes from US FED have sent VET cryp­to into a down­wards spi­ral. The liq­uid­i­ty in the cryp­to mar­kets is dry­ing up with each pass­ing day as the investors are tak­ing a risk-off approach. Nonethe­less, the cryp­to mar­kets are enjoy­ing a relief ral­ly after a capit­u­la­tion that took Bit­coin price to $17,600. Many ana­lysts are still scep­ti­cal about the ongo­ing ral­ly, sug­gest­ing that the bot­tom might not be in.

Accord­ing to the VeChain news, the project has announced a his­toric Glob­al mar­ket­ing part­ner­ship with UFC. This makes VeChain the offi­cial layer‑1 plat­form for UFC. This key part­ner­ship strength­ens the project’s com­mit­ment to enter­prise adoption.

VeChain Price Prediction

Tech­ni­cal analy­sis of the VeChain price chart shows that the coin has seen an unprece­dent­ed sell-off since hit­ting $0.186 in Novem­ber. This down­trend fur­ther inten­si­fied after the failed attempt to reclaim the $0.09 lev­el in March 2022. If the ongo­ing break­out sus­tains then $0.033 could become a valid VeChain price pre­dic­tion in short term.

It is worth men­tion­ing here that this bull­ish price pre­dic­tion depends on a suc­cess­ful retest of the trend­line and the Bit­coin price action. If BTC price makes a new low, things could turn real­ly ugly for most altcoins.

There­fore, it is very crit­i­cal to observe the Bit­coin price action if you’re enter­ing a VET coin trade. Anoth­er break­down below the down­wards trend­line would inval­i­date our VET coin pre­dic­tion. In such an event our price analy­sis would need to be updat­ed in line with the new price action.

VET USD 4H Chart

Technical analysis of VeChain price chart (4H).
VeChain Price Chart (4H)



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