VeChain Price Prediction: VET Crypto Likely to Decline by 7%, Yearly Low is Next Stop

• After a long period of breakdown, VeChain price moved into the accumulation phase.
• The weekly RSI indicator remains flat at 35.
• VET coin, belonging to the bitcoin pair, is down 2.2% at 0.000001046 satoshis.

VeChain (VET) price appears weak compared to other top 40 cryptocurrencies. The market is stabilizing nowadays, where most of the altcoins have already recovered from the lower levels, on the contrary, many other digital assets have registered the latest yearly lows.

VeChain Price (VET) lost key support during the FTX crash. Buyers saw a big drop in early November as they fell by 22% in a single week. Later, Vet rides in on the Krypto roller-coaster ride.

Source: VET/USDT by Tradingview

The weekly chart of the VeChain coin shows a unidirectional trend as speculators are still confused for next move. Weekly chart draws, lower-highs and lower-lows so far. Later on, the VET coin hit the annual bottom at $0.01727 mark, which flipped into the key demand zone.

Against the USDT pair, the VeChain price is Trading at $0.0185 mark under press time. Since last week, VET is decreasing, in fact, buyers lost 2.63% this week. Market capitalization reached $1.34 Billion along with a 2.81% drop in the last 24 hours. Following the trend, The weekly RSI indicator moves flat at 35 mark.

Source: VET/USDT by Tradingview

The buyers have a hedge zone at the $0.017 level as the price action indicates more downside from the current levels. On the upside, the bears could drag the VeChain crypto below the $0.0215 bullish hurdle.

The daily price chart shows uncertainty in the market, VET may further decline by around 7% from the current price level. The daily RSI turned lower after getting rejected near the semi-line. So far the peak of RSI is present at 41 points. Furthermore, the red moving lines of the EMA ribbon indicator are holding above the current price levels.

Conclusion

The daily RSI remains below the semi-line since November 9, which could be the reason for the sideways movement of VeChain price. As per the price action, VET may further decline by around 7% from the current price level.

Technical Levels

Support level – $0.017

Resistance level – $0.021 and $0.03

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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