Vechain Price Prediction: VET eying up a potential descent to $0.0093 before a rebound
|- VET seems to be trading inside a descending parallel channel.
- The price is close to the lower boundary of the pattern, posing a risk for the bulls.
Vechain is currently trading at $0.01 after a significant crash from its two-year peak at $0.0218. The digital asset has lost more than $500 million in market capitalization in the past two months and continues trading in a downtrend while the trading volume remains low.
A breakout below this level would be devastating for VET
VET is currently inside a descending parallel channel formed on the 12-hour chart. The lower boundary of the pattern is established at $0.0093, while Vechain trades at $0.01. The middle trendline is currently located at $0.014 and the top one at $0.019.
VET/USDT 12-hour chart
It seems that bears are currently in control, especially after the news from OKEx about the closure of withdrawals. Bears could potentially be eying up the lower boundary at $0.0093 before any kind of rebound towards the middle of the pattern.
Furthermore, a breakout below this point would be quite detrimental to the price, pushing it towards $0.008. The MACD also flipped in favor of the bears around 20 hours ago, while the RSI has not yet crossed into the oversold zone.
VET/USDT 15-minutes chart
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On the lower time-frames, it seems that the price of VET is attempting to climb above all three SMAs. On the 15-minutes chart, bulls pushed the digital asset above the 50-SMA, and the price is trying to close above the 100-SMA and the 200-SMA as well.
On top of that, the MACD turned bullish after a huge 7% spike towards $0.01125, most likely caused by a large whale. This recent move does somewhat shift the odds in favor of the bulls, looking for a clear breakout above $0.011 to reach the middle boundary of the descending channel at $0.014.
Crucial price points for Vechain
It seems that the recent downtrend is pushing Vechain towards the lower boundary of the descending parallel channel formed on the 12-hour chart. Bears are eying up $0.0093 as the first price target; however, a breakout below this point could drive the digital asset towards $0.08.
From a bullish perspective, bulls have managed to push the price of Vechain to $0.0112 after a massive price spike in the past 30 minutes. A breakout and close above $0.011 can easily drive VET towards the middle boundary at $0.014.
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