VeChain (VET) Could Hit $0.032 in the Coming Weeks.
Chukwuemeka Nwaru
Content Specialist|Crypto Content Writer|Crypto Price Prediction Analyst
The recent bullish market in cryptocurrencies has shown that most coins/tokens are on the path of bullish run. VeChain (VET) is one of the tokens to watch out for. It has gained 14.2% in the past 14 days.
At the time of writing, VeChain (VET) is trading at a price of $0.023 which represents a 24-hour decrease in price of 2.1%. However, VET could experience an increase of 39% in the coming weeks. This is because, there is a possibility of triple top formation after the present consolidation.
The price analysis for VeChain (VET), a Layer-1 platform, shows that it's a good buy based on the charts below:
The chart above shows the price analysis of VeChain (VET) using the relative strength index (RSI) indicator. The RSI value of VET token is 50.82. This shows that it is in the strong trend region since it lies between 50 and 70. However, since its trading volume is on the rise, the recent decrease in price could be overturned, making it to attain higher highs.
The chart above shows the price prediction of Vechain (VET). VET is trading below the $0.025 support1 level. It has a high possibility of trading above it and even trade to $0.032 support4 level. This is due to the possibility of a bullish reversal at the present resistance level, after consolidation, to form a triple bottom.
In conclusion, VET is a good buy since investors that bought at the current price will receive 39.13% increase when it hits the $0.032 support4 level.