VET Gains Strength After Breakout

Our VeChain price prediction can flip bullish if the ongoing breakout gets confirmed by a successful retest. VET price tagged the low of $0.02 last week, as the Bitcoin price slid below $20,000. Nevertheless, the coin is now 20% up from that low and now trading at $0.024. Another sigh of relief for the bulls is the recent breakout from the downwards trendline that has been acting as resistance since April 2022.

The recent rate hikes from US FED have sent VET crypto into a downwards spiral. The liquidity in the crypto markets is drying up with each passing day as the investors are taking a risk-off approach. Nonetheless, the crypto markets are enjoying a relief rally after a capitulation that took Bitcoin price to $17,600. Many analysts are still sceptical about the ongoing rally, suggesting that the bottom might not be in.

According to the VeChain news, the project has announced a historic Global marketing partnership with UFC. This makes VeChain the official layer-1 platform for UFC. This key partnership strengthens the project’s commitment to enterprise adoption.

VeChain Price Prediction

Technical analysis of the VeChain price chart shows that the coin has seen an unprecedented sell-off since hitting $0.186 in November. This downtrend further intensified after the failed attempt to reclaim the $0.09 level in March 2022. If the ongoing breakout sustains then $0.033 could become a valid VeChain price prediction in short term.

It is worth mentioning here that this bullish price prediction depends on a successful retest of the trendline and the Bitcoin price action. If BTC price makes a new low, things could turn really ugly for most altcoins.

Therefore, it is very critical to observe the Bitcoin price action if you’re entering a VET coin trade. Another breakdown below the downwards trendline would invalidate our VET coin prediction. In such an event our price analysis would need to be updated in line with the new price action.

VET USD 4H Chart

VeChain Price Chart (4H)

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