The VEChain price has remained on a slow decline ever since the mid May crash and has now settled at around the $0.065-$0.07 mark. This is around 60% off its high of around $0.20 registered in early May. Sellers and bears have gripped the market and VEChain does not look like recovering anytime soon, if at all.
On 5 July, the VEChain price was around the $0.09 mark or just under that so this recent retracement signifies an almost 25% decline in just two weeks. The situation is clearly bearish for the time being but there could be consolidation at these levels for a further leg up. If you haven’t yet taken the plunge with VeChain, check out this essential How To Buy Cryptocurrency Beginner’s Guide.
VEChain Price Short Term Forecast: Further Losses Before a Rebound?
As already indicated, the VEChain price seems to be stuck between the $0.065 and $0.0 mark with very little movement either way. It is currently at the $0.0678 level and appears mildly bearish over the last 24 hours. Turnover has also dropped dramatically and there is very little sign of big swings in any direction. Rather, a slow decline appears to be on the cards.
At present the VeChain price does not be showing any indications as to any directional price movement. Some observers have been pointing at the opportunity of a trend reversal after weeks of lukewarm investor appetite. If you haven’t yet bought any cryptocurrency then these Best Cryptocurrency Brokers would be a good place to start shopping.
It seems that VeChain reached a bottom on July 16 at $0.063 and this buy signal indicated that VET was oversold. It seems that a 17% could be on the cards where the next target would be the $0.079 level which could then indicate further gains. It is evident that there has to be a considerable increase in buying pressure for this movement to occur.
If VET can manage to achieve this level, then a push forward to the $0.095 could occur. This would signify a 38% increase from the June 22 low. Still, low trading volume makes this scenario unlikely.
And the bearish scenario is obviously still in play. This would mean a descent to the first support of $0.0622 and if bearish pressure increases, a drop of 11% to the $0.059 could definitely occur. The VeChain price could suffer a further drop to the $0.052 level.
Long Term Forecast For VET: More Declines Before A Leg Up
It seems that the lacklustre trading volume of VET is indicating that another sell may be imminent. However, if an upward move occurs, this would be a good opportunity for short sellers to enter the market.
Small upside swings are also good opportunities for traders to make some good profits. There seems to be quite a long time ahead before VeChain starts showing some positive movement on a consistent basis.
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Gerald Fenech
