Vechain cryptocurrency has exhibited massive price growth since mid-Feb 2023, with a whopping 47% increase in value. The surge has been attributed to the announcement of the U.S. CPI for January and the launch of its new crypto wallet.
There was a price/volume divergence which could undermine the momentum of the token. However, for now, Vechain is performing exceptionally well, and some predict that the surge could continue into the future. The coin is currently trading in a tight range as traders wait for further developments.
Vechain price forecast of $0.03390 in the next few days seems realistic given the current market trends and its impressive performance in 2023. Vechain price has been oscillating between $0.02214 and $0.02613 for the past week.
This represents the Fibonacci retracement levels of 0% at $0.02214 and 61.8% at $0.02613 for the given time frame. Vechain has been rising steadily since mid-Feb 2023 and is currently listed in the top 100 cryptos on CoinMarketCap with a market cap of $2,091,335,555 and a trading volume of $65,454,083.
Vechain Technical Analysis
The VET/USD pair price movement in the last 24 hours shows a decline, with a 5.27% drop rate. The highest point of the day was $0.03054, with a low of $0.02881 representing an intraday range of -4.90%. This could be seen as a good sign as it indicates stability in the market and further upside potential for the token in the near future.
The RSI index is currently in neutral territory at 58, suggesting that the price will continue to oscillate between the current support and resistance levels before retracing back.
The support levels are located at $0.02700 and $0.02550, while the resistance levels are $0.03000 and $0.03210, respectively. A break above either of these levels could signal a further price surge for Vechain in the short-term or longer-term time frame.
The technical analysis shows the VET/USD pair is trading above the SMA20 line, which is a positive sign. The MACD and the RSI are both indicating a bullish trend in the market. The price of VET has declined sharply on the 4-hour, forming a lower high. This is an indication that the uptrend has lost momentum and could be headed toward a price correction.
On the 4-hour chart, a declining trendline is forming, and if the pair falls below this trendline, it could signal a bearish reversal in the market. The closest retracement levels are located at $0.02700, which is the 61.8% Fibonacci retracement, and $0.02550, which is the 78.6% Fibonacci retracement level.
Given the current market conditions and technical analysis, it appears that Vechain will continue to rise in value over the coming weeks. As such, the price forecast for the Vechain token is set at $0.03390 in the next few days, representing a 2.6% upside from its current price of $0.02977.
