Cryptocurrency

VeChain Faces Challenges: Could Network Growth Drive VET Price Rebound?

VeChain (VET), currently trading at $0.1979 is experiencing a period of significant uncertainty during a bearish market trend. This analysis examines whether recent network growth can potentially drive a recovery to the $0.24 mark.

VeChain’s price action has been characterized by a falling wedge pattern on the daily chart. After a 3.78% drop yesterday, VET is trading within a narrowing range.

This pattern often precedes a potential breakout; however, the direction of any such move remains unclear. In the past week, VET experienced a decline of 10.77%. This follows a more pronounced drop of 16.71% the week before, marking a bearish engulfing candle.

Network Growth and Its Implications

Despite the current price struggles, VeChain’s network growth shows promising signs. According to VechainStats, the total number of accounts on the network has nearly doubled, rising from 2.16 million to 4.18 million over the past year. Additionally, active accounts surged to 160,264 as of September 3, indicating robust network development.

Support and Resistance Levels

VeChain’s price action is supported by a trendline that has held for three instances over the past two months. The daily Relative Strength Index (RSI) is showing a bullish divergence, suggesting a potential reversal could be forthcoming.

However, technical indicators present a mixed picture. The post-death cross, with the 50-day and 200-day Exponential Moving Averages (EMAs), indicates a bearish trend. Should the price break below the support trendline, the next support levels are at $0.01922 and $0.0175650. On the bullish side, if VeChain can go above $0.20, resistance is expected near the 50-day EMA at $0.24. Further upward movement could target the 200-day EMA at $0.028.

VeChain’s current price struggle at $0.1979 reflects broader market uncertainties, yet the significant growth in network accounts provides a potential positive outlook. While technical indicators suggest caution, the underlying network health could support a rebound if market conditions improve.

Investors and analysts need to closely monitor the interplay between network developments and market trends to determine whether VeChain can break through the $0.24 resistance level.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

XRP Price Looks Bleak, Investors Move Into Ripple Alternative Under $0.1 Set To Explode To $5 In Next 2 Months

As the XRP price falters, investors are beginning to find other options. Recent shifts in…

1 hour ago

Which Are The Best Cryptos To Buy Now In November 2024? Top 5 Picks for January 2025

With cryptocurrency adoption on the rise, digital assets are becoming integral to global finance. For…

3 hours ago

$100 In FX Guys ($FXG) Presale Could Change Your Life – Analysts Say It’s On Track To Outpace Ethena And NEIRO By 2025

Crypto market analysts have made bold assertions about the potential of FX Guys ($FXG) to…

6 hours ago

Meme Coin Mania Continues: Analysts Predict These Newcomers Could Deliver 15,000% Returns by Year-End

The surge of interest in meme coins continues unabated as new digital assets promise phenomenal…

6 hours ago

XRP Price Faces Resistance: This RWA Altcoin Could Steal the Spotlight with a 20,000x Surge

XRP price has hit resistance after a recent rally, with several crypto enthusiasts attributing this…

6 hours ago

Turn $500 into $500k: Experts Predict Massive Gains for These Altcoins by 2025

In the dynamic world of cryptocurrency, a modest investment today could potentially yield extraordinary returns…

7 hours ago