VeChain is one of those cryptos that was highlighted in 2021. The VET coin skyrocketed more than 1000% when the crypto market blossomed that year during the March 2021 bullrun. Yet, VET prices failed pretty badly and obliterated most profits after the crypto market’s adjustment. Today in 2022, prices are declining heavily, as a piece of a bearish movement. Can the VET coin rise again in 2022 and switch its downtrend? In this Vechain price prediction, we will try to analyze the question will the VET price reach $10 soon? Let’s see.
VeChain Price Prediction: VET Prices are down since November 2021
VeChain is a blockchain that concentrates on servicing the supply chain industry. The blockchain is backed by a Proof of Authority consensus instrument.
After the first crypto drop that happened back in May 2021, Vechain prices touched a low of $0.06. From there, prices attempted to rebound and touched a substantial resistance price of $0.16. Following the crypto market furthermore, prices declined back to the price of $0.046 in February 2022, renouncing more than 65% in value within less than 3 months.
At the time of writing this, the VET price is sitting at $0.022. In the last seven days, the price has declined by almost -13.7%. The bear market is completely untouched and could push prices to drop even harder shortly. But how low could VET decline?
If we glance at the weekly chart of the VeChain price, we can notice that the price is presently in a support zone. This support zone poses between $0.02145 and $0.02546. Once the bottom of the location ($0.0220) breaks, we anticipate prices to drop sharply again. Assuming the entire crypto market, we would anticipate the support zone to drop. The whole crypto market is somewhat bearish, which is why a bearish breakthrough is more possible than a deadlock.
How low could VeChain drop?
Should the support zone splits, we would believe that the VeChain price will slowly toil the supports. The least we anticipate is to touch the $0.018 support. There, the price could revamp for the first time and then drop even further. We then predict a final sale. This could go to the $0.008 support. Thus, the psychological mark of $0.01 would also be split. In our eyes, this could also be the floor. Whether it will be the floor or not, only time will tell this in the upcoming weeks/months.
Vechain Price Prediction – Will VET touch $10 in 2022?
Looking at the daily chart, Vechain is certainly in a buy zone. Traders would desire to make sure prices drop some more before placing buy orders. On the other hand, VET price is deeply influenced by the whole crypto market as a full and particularly Bitcoin.
If Bitcoin persists to drop lower touching 17K, the VET price is predicted to break the strong support of $0.015 and even touch the next support of $0.012.
On the other hand, if the crypto market tends to rebound, Vechain price can certainly make excellent progress. The upside is much greater than the downside, of course, utilizing proper risk control when putting trades. If we extended a long position at the present price or more relative to the support level, our profit-taking mark could be good. It is very essential to note that Vechain price relies entirely on the Bitcoin price trend. If Bitcoin persists to go lower, VET will most presumably reach the support levels mentioned above. Only when the Bitcoin trend switches upwards will the Vechain structure make meaning and profit. So, the $10 mark at this moment looks impossible.
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