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VeChain (VET) Price Prediction 2024 – When will VET hit $1?

VeChain (VET) Price Prediction

VeChain has experienced an extraordinary 473% surge in trading volume over the past twenty-four hours, with transactions totaling 12.5 billion VET ($560 million) or more than half-billion dollars ($560 million).

The recent surge in VET's price and trading volume may have been influenced by several factors, including the optimistic sentiment that has permeated the cryptocurrency market as Bitcoin crosses $52,000 for the first time since December 2021.

Furthermore, the VeChain network has reached a noteworthy accomplishment, presumably heightened favorable sentiments about the blockchain. VeChain has undergone a significant paradigm shift by implementing Account Abstraction (AA).

The integration of Account Abstraction (AA) into the network signifies a departure from the conventional externally owned accounts (EOAs) and in favor of a more flexible and programmable methodology. In the past, externally owned accounts (EOAs) were utilized to initiate transactions on VeChain, which required manual intervention and administration via public-private key pairings.

Let’s look at VeChain (VET) price Predictions from VET technical analysis.

VeChain (VET) Reached The Critical Fibonacci Extension Level

VeChain (VET) Reached The Critical Fibonacci Extension Level

The VET/USDT price remained bullish from the beginning of 2024, which found a bottom at 0.0250, a key support level. The price formed a descending channel breakout and moved above the dynamic 20 EMA in the daily chart before making a new swing high above the 0.0387 level. 

The technical analysis shows how the price rebounded above the 0.0387 level with impulsive bullish pressure and made a new swing high at the 0.0515 level. The dynamic 20 EMA supports the buying pressure carry while the Relative Strength Index (RSI) remains bullish above the overbought line. Moreover, the daily MACD line is above the Histogram and aiming higher, showing strong buying momentum.

In this VeChain Price Prediction, investors may experience a prolonged upside pressure after having a stable market above the 0.0472 Fibonacci Extension level. The buying sentiment is valid as long as bulls hold the price above the crucial line, which could extend the buying pressure towards the 261.8% Fibonacci Extension level, set at the 0.0610 level.

VeChain (VET) Weekly Ichimoku Cloud Analysis

VeChain (VET) Weekly Ichimoku Cloud Analysis

In the VET/USDT weekly chart, the market momentum is bullish as the price is stable above the Kumo Cloud while the Senkou Span A is above the Senkou Span B in the future cloud. Moreover, the Lagging Span supports bulls by holding a position above the price level. In that case, the upcoming price direction would be bullish, whereas any bullish rejection from near-term support levels would be a buying opportunity.

The above technical analysis shows how the Average Directional Index (ADX) was found stable above the 20.00 neutral line. Therefore, the ongoing buying pressure is potent as long as the ADX remains steady above the 20.00 line. On the other hand, the dynamic Tenkan Sen and Kijun Sen are below the current price, from where any bullish rejection might resume the current bullish trend.

The buying pressure is solid if it trades above the 0.0250 static support level. Any buying attempt with the bullish rejection from dynamic support would take the price higher toward the 0.0892 resistance level. On the contrary, a break below the Cloud support with a weekly close below the 0.0250 level could lower the price below the 0.0100 area.

VeChain (VET) Intraday Price Action Analysis

VeChain (VET) Intraday Price Action Analysis

In the H4 chart, the VeChain price action is extremely bullish as it trades above the 0.0488 intraday support level with multiple buying pressures from dynamic 20 EMA and weekly VWAP. Moreover, the most recent intraday high volume level is way below the current price, which suggests a considerable downside correction as a mean reversion. Therefore, a new low from the 0.0431 intraday support level could be a bearish counter-impulsive opportunity in this pair.

The above technical analysis shows how the MACD Histogram remained bullish while the signal line remained overbought. A minor divergence is also formed with the MACD Histogram that may become valid if the price makes a new swing low below the 0.0400 psychological level. 

In this VET Price Prediction, bulls should wait for a new H4 candle above the 0.0520 level, which can resume the current trend toward the 0.0700 area before reaching the 0.0900 level. 

On the other hand, a break below the 0.0278 high volume level with a bearish H4 close may extend the downside pressure toward the 0.0100 area.

Is VeChain (VET) A Buy?

According to the VeChain (VET) Coin Price Prediction, VET/USDT reached the crucial Fibonacci Extension line, suggesting a possible pump and dump scheme. Investors should closely monitor how the price reacts on the intraday support level, from where a valid sell-side liquidity sweep is needed before forming a bull run.

 

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