VeChain price above $0.023: Where next for VET?

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VeChain price above $0.023: Where next for VET?

By Hassan Maishera - min read
Updated 19 October 2022

VeChain is slowly recovering from its recent slump and could be headed for more gains over the next few days. 

VET, the native coin of the VeChain blockchain, is up by more than 1% in the last 24 hours. Over the past seven days, VET has lost more than 2% of its value.

However, with the broader cryptocurrency market now performing well, will VET recover from its recent slump?

What is driving VET’s price higher today?

VET is up by more than 1% in the last 24 hours. The cryptocurrency maintains its position as one of the top 50 cryptocurrencies by market cap.

There is no apparent catalyst behind VET’s performance today. At press time, VET is trading above the $0.023 psychological level.

The positive performance comes as the broader cryptocurrency market recovers from last week’s slump. The total cryptocurrency market cap is up by more than 1% so far today and currently stands at around $930 billion.

Bitcoin is heading towards the $20k psychological level once again after adding roughly 2% to its value today. Ether is also trading above $1,300 as it is up by nearly 3% in the last 24 hours.

What’s the outlook for the VeChain price?

VeChain has been underperforming over the past seven days. However, its performance resonates with that of the broader cryptocurrency market.

With Bitcoin and the broader cryptocurrency market now recovering, you could expect VeChain to rally higher again in the near term. 

If the bulls can continue to maintain the current market momentum, VET could target August’s high of $0.0333 over the next few days. However, it would need the support of the broader cryptocurrency market to soar higher. 

VeChain technical analysis

The VET/USD 4-hour chart is still bearish despite VeChain performing well over the past 24 hours. However, the technical indicators show that VET is recovering from last week’s poor performance.

VET/USD Chart By TradingView

The MACD line is below the neutral zone but has been rising slowly toward the positive region. Thus, indicating that the bulls are gaining momentum in the market.

The 14-day relative strength index of 43 also shows that VET is no longer in the oversold territory.

If the bulls remain in charge, VET could surge past the first major resistance level at $0.0257 before the end of the day.

However, it would need the support of the broader cryptocurrency market to make a move toward the $0.0267 resistance level over the next few days. 

How to buy VeChain?

Follow these simple steps to buy VeChain:

Step 1: Open an eToro account: 

Visit the official eToro website and open an account within a few minutes. 

Step 2: Fund your account:

Fund the newly-opened eToro account with your local fiat currency. You can deposit as much as you desire. 

Step 3: Start trading VeChain:

You can immediately start trading VeChain against a host of other cryptocurrencies like Bitcoin or against fiat currencies like the GBP or USD.

Where to buy now

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600. Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.

Buy VET with Binance today

KuCoin

Kucoin is a cryptocurrency exchange which offers over 200 cryptocurrencies. Kucoin has a wide range of services, such as; a built-in peer-to-peer exchange, spot and margin trading, bank level security and a wide range of accepted payment methods. Users can benefit from a beginner-friendly interface and relatively low fees.

Buy VET with KuCoin today