Bitcoin
BTC$60 907.24

2.74%

Ethereum
ETH$3 249.66

1.95%

Tether
USDT$1.000483

0.01%

Binance Coin
BNB$545.47

2.44%

Solana
SOL$147.48

3.98%

USD Coin
USDC$1.000054

-0.01%

VeChain (VET) Drove Into a Huge Stumbling Block


July 2020

If you want to trade the coin that is characterized by large upswings and almost equally deep retracement that affords plenty of profit-taking opportunities, then VeChain is definitely not your cup of tea.

Lately, VET has transformed into the type of coin that we call a 'calm glider,' which is characterized by nearly a total absence of crazy price swings, plenty of spinning top candlestick patterns, and checkmate formations. That is what VeChain has been about recently, a tortoise-like move to the upside, which resulted in a mere 14% gain against USD over the last 30 days.

In the yearly time frame, though, VET has a negative 38% against USD and -45% against BTC, which tells a lot about its behavior on the macro level, which is, obviously, bearish.

However, if you are adventurous enough to go long on VET at this particular point in time, do know that this currency has a soft spot for the price level at $0.0074 with which it had interacted more than ten times in the last eighteen months. So, if you want to set a price target for a long play right now, that would surely be a highly probable point of rejection and profit-taking. But before VeChain hits that resistance, it would have to jump through plenty of hoops, so for now, we will concentrate on the ongoing price action and the VET price prediction for the near future.

Ranging with the triple top threat


VeChain did a good job of getting straight to restoring its value after the coronavirus crash. Slowly but methodically, the price had been traveling north above the 0.236 Fibonacci retracement level and the 50-period EMA, which appears to be a point of attraction for the price of VET at this juncture.

1-day VET/USDT chart

Unfortunately for the bullishly-minded traders, VeChain hadn't had enough vigor to make a step further and leave behind the 0.382 on Fibo, as well as the 200-period EMA, which converged with the pre-crash resistance level at $0.0047 to form an impassable barrier. The daily chart shows how the price impaled that resistance twice, but to no avail, and is now gearing up for the third attempt that could also be unsuccessful. In that case, traders would witness the triple top formation's emergence, a reliable bearish trend reversal signal.

But while that formation is still in the making, there is the one that has already formed, a bearish divergence on the 14-period RSI between April 20 and May 11. This divergence could play a significant role in the forthcoming price action of VET. Presently, we see that the price is being led into a tightening channel between the two EMAs or the ascending triangle formation. Even though the ascending triangle is widely regarded as a continuation pattern, in that case, it could exercise the role of the reversal one, instigated by the divergence. In addition, the volume analysis shows that the bears have been more active in the past month, gaining strength for a major pushback.

All these factors: the divergence, the triple top threat, and the bearish volume, suggest that VeChain is about to experience a tangible price depreciation of 19% or more in a move that would push the price back to 0.236 on Fibo.

Author: Alex Paulson for Crypto-Rating.com

Related

VeChain (VET) Is Going Through a Tough Correction
VeChain (VET) Is Going Through a Tough Correction
VeChain (VET): Preparing for the Final Push Before the All-Time High
VeChain (VET): Preparing for the Final Push Before the All-Time High
VeChain (VET) Take a More Confident Bullish Stance
VeChain (VET) Take a More Confident Bullish Stance
VeChain Gives a Hint at Slight Recovery
VeChain Gives a Hint at Slight Recovery
VeChain (VET) Price Prediction
VeChain (VET) Price Prediction
VeChain (VET) Price Forecast for December 2019
VeChain (VET) Price Forecast for December 2019

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 72.4% 48 $60 907.24 2.74% 7.95% $1 201 110 545 769 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 74% 47 $3 249.66 1.95% 10.59% $390 660 724 581 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000483 0.01% 0.06% $112 521 291 389 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 78.4% 45 $545.47 2.44% 10.66% $80 502 405 442 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 83.6% 28 $147.48 3.98% 10.54% $68 439 891 003 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000054 -0.01% 0.01% $33 955 441 106 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 82.4% 29 $0.529085 0.59% 25.61% $29 525 795 272 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 85.2% 21 $7.39 1.21% 3.73% $18 514 454 508 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 54 $0.115147 2.08% 10.19% $16 709 822 671 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 78.8% 36 $0.433919 -1.12% 24.20% $15 569 472 122 ADA 7 days price change
11 TRON (TRX) TRX TRON predictions 80.8% 37 $0.137615 -1.83% 10.19% $11 989 577 434 TRX 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 76% 44 $26.45 1.86% 2.73% $10 436 162 041 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 74.4% 42 $0.000018 1.88% 12.93% $10 321 337 154 SHIB 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 91.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 92% 1 $0.116354 -0.46% 0.23% $10 171 995 609 WTRX 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.