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VeChain [VET] price prediction: Will this altcoin continue its bullish run?

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VeChain [VET] price prediction: Will this altcoin continue its bullish run?

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Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

  • VET appreciated 47% since mid-February. 
  • There was a price/volume divergence which could undermine the momentum. 

Vechain [VET] saw a massive appreciation in mid-February. It hiked by 47% after the release of the U.S. CPI for January. In addition, enterprise blockchain launched a new crypto wallet, which boosted investors’ confidence and the token’s value.


Read VeChain [VET] Price Prediction 2023-24


However, there was a price/volume divergence at the time of writing, according to Coinmarketcap, which could delay the short-term recovery and the overall momentum. 

Is August’s high of $0.03390 reachable?

Source: VET/USDT on TradingView

VET oscillated between the 0% ($0.02214) and 38.2% ($0.02613) Fib levels in the first half of February. It broke above the consolidation range in mid-February but faced rejection at $0.03260. 


How much are 1,10,100 VETs worth today?


So far, the drop after the price rejection was checked by 61.80% Fib level, allowing bulls to launch a short-term recovery.

Bulls could target the overhead resistance or price rejection level of $0.03260 or stretch to the August level of $0.03390 if BTC reclaims surges beyond $25K. 

Alternatively, sellers could seek market entry if VET fails to close above the 78.6% Fib level of $0.03036 and confirms a downtrend. They could benefit from short-selling targets at the 61.80% Fib support level of $0.02860 or the 50% Fib level of $0.02737. 

The Relative Strength Index’s (RSI) value was 62 at the time of writing, a bullish signal which could tip bulls to target the overhead resistance. 

VET’s open interest rate surged

Source: Coinglass

According to Coinglass, VET’s open interest (OI) surged significantly after mid-February, corresponding with the break above the consolidation range of 0% – 38.2% Fib levels. It shows high demand for VET in the futures market – an underlying bullish sentiment that boosted the token’s value. 

At press time, VET’s OI rose after a sharp decline. An extra OI surge could reinforce the bullish momentum and push the token toward $0.03260. 

In addition, more short-positions were liquidated in the past 24 hours than long-positions, according to futures market data aggregator, Coinanalyze.

It emphasizes the bullish momentum at the time of writing. But the price/volume divergence could delay the uptrend in the short term. 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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