VeChain is one of those crypto projects that made headlines in 2021. The VET coin soared more than 1,200% when the crypto market bloomed that year during the March 2021 bullrun. However, VET prices tanked pretty hard and erased most gains after the crypto market’s adjustment. Today in 2022, prices are nearing the strong support price of $0.04, as part of a bearish trend. Can VET coin pump again in 2022 and reverse its downtrend? In this Vechain price prediction, we will tackle everything you need to know about VeChain crypto in 2022.
VET Coin down since November 2021
After the big crypto crash that occurred back in May 2021, Vechain prices reached a low of $0.06. From there, prices tried to recover and reached a strong resistance price of $0.16. Following the crypto market again, prices sank back towards the current price of $0.046, losing more than 65% in value within less than 3 months.
Currently, prices of VET coin are inside a wide buy area delimited by $0.04 and $0.06. This area is the perfect zone to day trade Vechain crypto, shorting around $0.06 and going long around $0.04. So far, this sideways trend was quite profitable for day traders.
Vechain Price Prediction – Will VET go up in 2022?
Looking at figure 1, Vechain is definitely in a buy zone. Traders would want to make sure prices reach $0.04 before placing buy orders. On the other hand, VET price is strongly affected by the entire crypto market as a whole and specifically Bitcoin.
If Bitcoin continues to sink lower reaching 30K, VET price is expected to break the strong support of $0.04 and even reach the next support of $0.025, and worst cases $0.015.
On the other hand, if the crypto market manages to recover, Vechain price can definitely make nice gains. The upside is much bigger than the downside, of course, using proper risk management when placing trades. If we opened a long position at the current price or closer to the support level #1 in figure 1, our profit-taking target would be around $0.08. This entails a perfect 100% return on our trade.
It is very important to note that Vechain price depends totally on the Bitcoin price trend. If Bitcoin continues to go lower, VET will most probably reach the support lines #2 and #3 shown above. Only when the Bitcoin trend reverses upwards will the Vechain setup make sense and profit.