VeChain (VET) is a revolutionary system to address growing issues in the modern world. It offers solutions to modern businesses like BMW, Walmart, and other international MNCs. In the beginning, Vechain market cap saw $13 billion, which shrank significantly in the second half of the year.
VeChain uses the proof-of-authority method requiring lower computing power than traditional protocols like Bitcoin. The proof-of-authority is a process where the authority comes from an independent steering committee. This model is attractive to enterprises that want integrity and quality in their networks.
The VeChain price today became attractive when bears failed to breach the 0.0394 level and rejected it multiple times. Moreover, the traders' activity was higher in recent days, where the last 24 hours' trading volume was at $663,889,887, 24% down from the previous day. Currently, 74% or 64.32B VET are in circulation with a market cap of $5 billion.
Let’s look at VeChain (VET) Price Prediction from VET technical analysis.
VeChain (VET) Showed A Bullish Break Of Structure
The VET/USDT price remained bearish from the beginning of 2022, which found a bottom at 0.0394, a key support level. The selling pressure from 0.1875 to 0.0394 came with multiple lower lows and lower highs that were breached for the first time on 27 March 2022. The price formed a symmetrical triangle breakout and moved above the dynamic 20 EMA in the daily chart before making a new swing high above the 0.0696 level.
The above technical analysis shows how the price rebounded higher above the 0.0696 level with impulsive bullish pressure and made a new swing high at the 0.0896 level. The buying pressure is supported by the dynamic 20 EMA carry while the MACD Histogram remains bullish. Moreover, the MACD line is above the Histogram and aiming higher, which shows a strong buying momentum.
In this VeChain Price Prediction, investors may experience a prolonged upside pressure in the VeChain price, although a minor correction is pending. Overall, the buying sentiment is valid as long as bulls hold the price above the 0.0696 static level in the daily chart. In that case, the primary bullish target will be towards the 0.1029 level with a 27% gain.
VeChain (VET) Ichimoku Cloud Analysis
In the VET/USDT H4 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, where any bullish rejection from near-term support levels would be a buying opportunity.
The above technical analysis shows how the TDI line was found on the ground at the lower band area before aiming higher. Therefore, if the TDI line moves above the 50 levels, it may indicate an increased buying pressure in the price. 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 as long as it trades above the 0.0755 static intraday support level. Any buying attempt with the bullish rejection from dynamic support would take the price higher towards the 0.0900 psychological level. On the contrary, a break below the Cloud support would increase the price volatility before showing another buying opportunity.
VeChain (VET) Intraday Price Action Analysis
In the H4 chart, the VeChain price action is extremely bullish as it trades above the 0.0755 intraday support level with multiple buying pressures from dynamic 20 EMA and weekly VWAP. Moreover, the most recent intraday high volume level is closer to the current price with lower trading activity. Therefore, a new low from the 0.0830 intraday level with a volume breakout would be a buying sign for this pair.
The above technical analysis shows how the MACD Histogram remained bullish although the price trades above the 0.0755 level. A minor divergence is also formed with the MACD lines that may become valid if the price makes a new swing low below the 0.0755 level.
In this VET Price Prediction, bulls should wait for a new H4 candle above the 0.0830 with a trendline breakout in the volume bar. In that case, the primary target of the bull run would be towards the 0.0900 level. On the other hand, a break below the 0.0700 level with a bearish H4 close may alter the current structure and lower the price towards the 0.0650 level.
Is VeChain (VET) A Buy?
According to the VeChain (VET) Coin Price Prediction, VET/USDT has a higher possibility of moving up in the coming days. In that case, any lower timeframe confirmation towards the buying side would be a potential bullish opportunity.