Bitcoin
BTC$61 094.59

-2.69%

Ethereum
ETH$3 996.92

-2.91%

Binance Coin
BNB$480.54

0.95%

Cardano
ADA$2.15

-0.34%

Tether
USDT$0.999909

-0.02%

Solana
SOL$197.93

-1.13%

VeChain (VET) Is Going Through a Tough Correction


VeChain (VET) had literally exploded after the meltdown in March as it made its way from $0.0014 to $0.23 - an astounding 1530% price growth - in just 150 days. But even a nascent trader knows that such an overextended rally always ends with a deep correction, which constitutes the natural flow of the market.

1-week VET/USDT chart

The correction could intensify if the market stays bearish


In our previous VET price prediction article, we had foreseen the break of the bullish flag formation to the upside, which took the form of a massive weekly bullish candle that catapulted the price to the interim high at $0.023 when it met the ferocious resistance on the part of the bears that turned this move into a false breakout.

VeChain has been crashing mercilessly for the past four weeks, which led to a loss of more than 60% of its value. VET could have stayed above the established support at $0.014 if not for the flash crash in the first days of September that dropped the price to the current $0.0124, ormed on the back of the 7% loss in the last 24 hours. The commencement of correction has also had a devastating effect on the market capitalization of the coin for supply chain management that went from $1.2 billion to $700 million during that time.

However, the average trading volume from the past 90 days remains within its usual fluctuation boundaries between $130 million and $240 million, suggesting that the interest towards that currency from market participants hasn’t diminished despite the latest bearish occurrences. Therefore, we assume that traders and investors didn’t lose faith in VET as its yearly ROI remains at 233% against USD, 231% against Bitcoin, and 65.9% in the pair with Ethereum.

VET/BTC/ETH comparison chart

Previously, we have seen Theta Token (THETA), another early hard-gainer, going through a similar pattern - a huge rally followed by a steep correction that led to another rally and new higher highs on the macro level. However, given how painful the beginning of the autumn was for the cryptocurrency market, it would be much tougher for VET to recover and make its way to new higher highs. Besides, our main indicators show that the bearish momentum is picking up, so further price fall is to be expected.

MACD has already made a bearish crossover while the histogram started to glow red, a huge warning signal for those who think about catching the falling knife. In this setup, the risk is significantly higher than the expected reward;
Stochastic had been gliding along the border of the overbought zone without entering it, but then dropped sharply to the neutral zone when the September dump took place. We expect the indicator will fall to support at 32, where it could start displaying some signs of a bullish reversal.

We predict that within the next eight to ten weeks, VeChain will flow within the framework of the bearish flag formation that will be resolved to the downside - most probably to the resistance at $0.007 - if the autumn turns out to be depressing for the cryptocurrency market.

Author: Alex Paulson for Crypto-Rating.com

Related

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 (VET) Drove Into a Huge Stumbling Block
VeChain (VET) Drove Into a Huge Stumbling Block
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
VeChain (VET) Price Forecast

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66% 76 $61 094.59 -2.69% -0.50% $1 151 720 833 707 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72.4% 57 $3 996.92 -2.91% 4.01% $471 785 264 160 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 60 $480.54 0.95% 1.76% $80 155 230 907 BNB 7 days price change
4 Cardano (ADA) ADA Cardano predictions 89.6% 12 $2.15 -0.34% -2.98% $70 883 614 519 ADA 7 days price change
5 Tether (USDT) USDT Tether predictions 90.8% 1 $0.999909 -0.02% 0.08% $69 567 802 919 USDT 7 days price change
6 Solana (SOL) SOL Solana predictions 72.8% 55 $197.93 -1.13% 23.77% $59 541 620 156 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 71.2% 51 $1.092040 -0.99% -4.01% $51 267 312 972 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 63.6% 79 $44.08 1.43% 0.08% $43 532 326 968 DOT 7 days price change
9 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000226 0.01% 0.09% $32 407 316 173 USDC 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.8% 56 $0.244354 -0.30% 3.25% $32 206 068 433 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 66.8% 65 $43.89 4.32% 18.40% $17 625 054 018 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 75.6% 47 $25.68 -3.26% -0.73% $15 705 167 358 UNI 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 70% 65 $66.07 3.75% 18.04% $14 555 166 771 AVAX 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $61 091.83 -2.81% -0.46% $13 506 978 750 WBTC 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 71.2% 57 $192.37 -3.89% 0.97% $13 236 281 618 LTC 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.

© 2015-2021 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.