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VeChain Price Pullbacks After 45% Weekly Surge

VeChain price prediction (VET-USD) remains bullish, although the price is having a significant pullback. This appears to be a healthy correction before the bulls orchestrate another leg up. On Wednesday, Bitcoin slid below $24,000, which triggered a sell-off in altcoins. However, some altcoins like VeChain (VET) are still holding up nicely.

VET is currently trading 12% below its Monday high of $0.03251. At the time of writing, VET/USD is trading at $0.029 after losing 3.7% since yesterday. However, the bull trend still remains intact on higher and mid-term timeframes.

VeChain News Today

The positive price action of VeChain is also being attributed to the hype surrounding its upcoming event, ‘The Hive’. The sustainability-focused summit will take place on 4th March, in which several noble laureates and thought leaders will participate.

In other VeChain news, the project is also holding elections for its Steering Committee. The voting began on 15th February and will remain on till 1st March. VeWorld wallet has also been rolled out by the VeChain Foundation San Marino. In the new VeChain wallet, users will be able to add customized tokens conveniently.

VeChain Price Prediction

As mentioned in our last VeChain price analysis, the price has behaved exactly as predicted. The price has almost doubled from its December 2022 bottom of $0.015. This marks a massive recovery from the top enterprise blockchain network. Our analysis suggests that VET-USD bulls still have a lot of gas in the tank.

In the coming days, I expect VeChain to retest its August 2022 high of $0.034. This would be a 17% price increase from current level. If the market conditions remain favorable, a tap of 200-week moving average also seems likely. Currently, the 200-week moving average lies at $0.041.

However, it will be very difficult for the price to break above this level. The reason is the presence of $0.38 Fib level in the same region. This confluence will make it a huge resistance. Still, a tag of $0.041 will mean a 40% price increase from the current price. You can also try out BitSoft360 to help you improve your analysis and trading.

VET/USD chart
VET/USD Daily Price Chart