VeChain Price Heads for $0.0100 in the Long-term, Is It The Time to Invest?

The price of VeChain has been trading positively in recent days. The coin has performed impressively so far. According to the charts, as of May 15 and 27, the price of VeChain reached the $0.0080 position. Although, the bulls were resisted after it attained this price level. Experts predict that in the event that the price of VeChain breaks out of its current level, on the upside, it could breach $0.0100. This Vechain price prediction does not seem farfetched anymore considering the recent rally of the entire crypto market.

Let’s do a brief analysis of how the price of VeChain has performed in the last 24 hours below.

VeChain Price Prediction: The Price of VeChain is Range Bound in the Long-term

For the trade activity for VeChain over the last month, the coin found resistance at the $0.0080, $0.0090, and $0.0100 price position. It also found support at the $0.0070, $0.0060, and $0.0050 price position. The bulls have set to face the digital asset.

The price of VeChain had since been trading in bullish territory against the USD. In retrospect, the price of the coin was moving in a sideways pattern since the start of this year. Back in February of this year, the price of VeChain was trading above $0.0040 (it maintained this price position while moving in in a sideways pattern). The bullish trend line then commenced in the month of March which let the coin to reach a high of $0.0080 on April 5.

VeChain Price Prediction: The Price of VeChain Saw a Bullish Resistance on May 8

As of May 8, the charts show that the price of VeChain entered a downward spiral and the bulls were resisted. This resulted in a correction that took prices on $0.0060 which is a support position. The price of Vechain was also fluctuating between $0.0080 and $0.0060 (both of which are resistance and support positions) since April. As of May 15 and 27, the VET market reached $0.0080 but the bulls were also resisted. Looking at the upside, in the event that there’s a price breakout, prices could rally above $0.0100.

The price of VeChain is falling in the last 24 hours. It may still drop to the lower price area. Nevertheless, as of May 1, the cryptocurrency recorded an opening balance of about $0.00670. VET had a closing balance of $0.007544 on May 31. This change shows that the price of Vechain has actually appreciated by 12.60% for its market capitalization in May 2019. The stochastic remains in the oversold area although below the 40% range indicating that the price of Vechain is showing a sell signal.

VeChain Price Prediction: The Price of VeChain Trading at $0.007 at Press Time

According to data by coin market cap, the price of VeChain was trading at $0.007 as of press time having lost over 2.50% in the last 24 hours. The coin had a market capitalization of $423.7 million at the time with a 24-hour trade volume of $9.8 million. Despite this short correction, the price of VET saw in the last 24 hours, it is still poised to maintain its long-term projection if it breaks over the $0.0080 position. A surge to $0.0100 will be inevitable if this happens.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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