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

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,

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.