As mentioned in our last VeChain price prediction, the low volume breakout proved to be a fakeout. Consequently, the VET crypto price has entered into a downtrend once again. Once again, the price is trading within the $0.02-$0.027 range. This region has been acting as a great accumulation zone since June 2022.
Cryptocurrencies are in a downtrend once again after the Hawkish remarks from US FED Chair Jerome Powell. The negative Bitcoin and Ethereum price action within the last few weeks have further increased the selling pressure. Due to the deteriorating macroeconomic situation, many analysts are of the opinion that the worst is yet to come for the crypto markets.
At the time of writing, the VeChain price is trading at $0.024. The cryptocurrency has lost 2.24% within the last 24 hrs. On the higher timeframe, the price is 91.5% down from its April 2021 all-time high.
According to VeChain news, the project has announced a partnership with the Canadian SaaS platform TrueTrace Technologies. The newest partner would roll out the VeChain ToolChain to its clients. You can buy VeChain and invest in its underlying technology by signing up on the top crypto exchange Binance.
VeChain Price Prediction
A look at the VET USD price chart signifies a bearish accumulation on the daily timeframe. Since June 2022, most of the price action has occurred in the $0.02-$0.027 range. As the price has dropped into the range once again, a retest of the range lows is very likely.
Any lower low than the $0.02 level would make VeChain price prediction extremely bearish. In such a catastrophic scenario, bears could target the $0.011 level, which would be a nightmare for swing traders. Therefore, it is better to put a stop loss for any long positions considering your risk appetite. The only way to avoid this bearish scenario is to reclaim the range highs above $0.027 soon. However, considering the current market conditions, that won’t be an easy task for the bulls.