Our VeChain price prediction suggests that the coin has the potential to make a higher high on the 4H and 1D timeframe. The reason is that the price has broken out of the parallel channel. VET crypto has also confirmed this breakout on the daily timeframe. Therefore, if the markets remain stable, a 10%-15% price increase is expected for VET in August.
VeChain crypto has been in a continuous downtrend since the start of the year. Most other altcoins have also shown a similar price action due to the ongoing Bitcoin slump and the recent rate hikes by FED. Nevertheless, crypto markets have been experiencing the first major relief rally since June as the BTC price stabilises above $22,000.
At the time of writing, VeChain price is trading at $0.0295. The cryptocurrency is up by 0.2% since yesterday. However, due to a correction in Bitcoin, most altcoins are also experiencing a slight pullback.
As per the VeChain news today, the project has revealed a partnership between its VeCarbon platform and Amazon Web Services (AWS). This partnership would enable organizations to control their carbon emissions by keeping track of it.
VeChain Price Prediction
Regarding the technical analysis of the VET USD chart, the coin has broken out of the sideways price action for the first time since June 2022. The potential target of this breakout is $0.033. This region also coincides with the 0.382 Fib retracement level that connects the May high to the June low. Currently, the price is facing a minor pullback as some investors are locking their profits.
If VET flips $0.04 resistance into support, VeChain price prediction could be even more bullish. In such a scenario, the price is expected to retest the 200-day MA that currently lies at $0.0436.
However, such a bullish price action must always be supported by Bitcoin. Any major BTC pullback may ruin this price prediction. Therefore, keeping your stops below the $0.026 level is advisable. If you’re wondering where to buy VeChain, then the best place to buy it is Binance.