- VeChain (VET) nears 1-month low of $0.02723, with RSI at 30%.
- Despite the bearish trend, VeChain’s Mainnet hits record with 15 million clauses executed.
- An analyst predicts a 3,000% surge for VeChain in the next few days.
VeChain (VET), currently priced at $0.033, has dropped 22.24% over the past 24 hours. The broader crypto market, including Bitcoin, has been showing mixed signs of stability and volatility. Some cryptos are attempting to bounce back stronger, while others, like VeChain, are in a bit of a holding pattern.
Over the past few weeks, VeChain has been trading sideways, forming a range between key levels. VeChain has been bouncing between support at $0.032 and resistance at $0.055. However, it’s in a cooling-off phase after a major move in November. The next level to watch for VeChain is its 1-month low of $0.02723, which it is currently approaching, and the 14-day RSI at 30% indicates that VeChain may be in oversold conditions.
Related: Bitcoin Liquidations Surge as Volatility Grips Crypto Market
Altcoins Test Support Levels
The broader altcoin market is currently testing a major support level, which could lead to a potential bounce to the upside soon. Bitcoin’s sideways movement often results in altcoins like VeChain starting to show independent price action.
Alongside the bearish trend, VeChain’s Mainnet activity hit a new record this month, with over 15 million clauses executed. This milestone indicates the platform’s growing use and its strong blockchain ecosystem.
VeChain’s Ecosystem Growth
Their updated protocol, VeChain Renaissance is also underway, with updates aimed at enhancing interoperability through the VeWorld super-app. An analyst’s prediction from December has also gained attention, suggesting that if history repeats itself, VeChain could see a 3,000% pump within the next 100 days.
Related: February Altcoin Surge: ETH, SNSY, ADA, ONDO, and ENA Make Analyst’s Top Picks
This aligns with a pattern seen in previous cycles where VET mirrored a 65% dump before entering its bullish phase. If this prediction holds, VET could surge to around $0.63.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
 is down 22.24%, testing key support levels. Is this a buying opportunity, or is there more volatility to come? What's next?){kind=link}