VeChain Price Prediction: Up to $0.2 or Down to $0.10?

The VeChain price has been under intense pressure lately. VET, its native token, is trading at $0.1300, which is about 30% below the highest point this year. Subsequently, according to CoinGecko, its total market cap has slumped to about $8.72 billion, making it the 24th biggest cryptocurrency in the world.

The weak performance of VeChain is mostly because the coin’s demand has waned among retail investors. This is evidenced by the fact that the number of Google searches and social media mentions of VET have waned recently. Instead, investors have recently moved to other smaller altcoins like Immutable X, Oasis Network, and Flow.

VeChain price prediction

Turning to the daily chart, we see that the VET price has been under pressure in the past few days. As a result, the token’s price has tumbled below the 25-day and 50-day moving averages. This is usually a bearish sign. At the same time, the price is between the ascending channel that is shown in black while the MACD indicator has also turned lower.

Therefore, the VeChain price will likely keep falling as bears target the lower side of the channel at about $0.100. This price is about 17% below the current level. A more severe decline will be confirmed if the price drops below the lower line of the ascending channel. Still, a rebound to the upper side of the channel at $0.2 cannot be ruled out.