VeChain (VET) has dropped for the last 4 days in a row in what appears to be a bloodbath. But contrary to what you’d believe, VeChain has actually been more resilient. Although it's fallen, it has not been as much as other crypto assets. So, what does the road to recovery look like?
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VeChain (VET) will face major resistance at $0.06 as it looks for its next bull run.
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The coin is currently trading at $0.045, down around 3% for the day.
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Any bullish breakout will only come if VET clears $0.06.
Data Source: Tradingview
VeChain (VET) – Price prediction and analysis
The resilience that VET continues to show has been quite commendable. But despite this, the coin still remains on a bearish long-term trend. However, there are signs that the coin is trying to consolidate. The key will be to watch the $0.06 resistance.
While VET has tested that price in recent weeks, it has been rejected almost every time. As sentiment in the crypto market improves, VET bulls will target another stab at $0.06. If they are able to pull above it, then we could see a rally that takes the coin well towards $0.08.
This will be nearly 45% higher than the current price. But if VET is rejected again at $0.06, it could slide back down to $0.03 before it tries to consolidate once more.
Why buy VeChain (VET) now?
As noted above, the long-term trend for VET has been bearish. The coin has fallen substantively from its all-time highs and continues to struggle to find any demand.
But the underlying fundamentals of the VeChain network have always been stellar. Also, the long-term outlook for VET is very positive. The recent downtrend offers investors the chance to buy into the project at a smaller price than they would have under different circumstances.