Key Takeaways
- VeChain’s price surged to $0.025 following its listing on Bybit on April 14, breaking a downtrend that had lasted since Jan. 31.
- The project has acquired the MiCAR license, enhancing its position to operate across the EU while validating a bullish outlook.
- The MFI is rising, reflecting rising buying pressure; if this trend continues, VET’s price could see a notable rally toward $0.026.
On April 14, crypto exchange Bybit announced that it had listed Vechain (VET). Moments later, the Vechain token price rose to $0.025, breaking out of a downtrend that has existed since Jan. 31.
But today, VET has experienced a slight pullback to $0.022. Despite the retracement, the token’s value does not seem likely to continue declining, with technical indicators favoring a quick recovery.
Vechain Breaks Out
The VeChain token price fell from $0.048 to $0.020 between Feb. 1 and April 9. This decline formed a falling wedge, with VET hitting lower highs and lows.
However, after the Bybit listing , which commenced on Monday at 10 AM UTC, the trend changed, and the price rose to $0.025. As of this writing, VET’s price has dropped to $0.022.
You’ll Want To See This
However, this decline does not mean that the cryptocurrency will continue with other indicators holding bullish positions.
On the daily chart, the Moving Average Convergence Divergence (MACD) has remained in the positive region. Similarly, the 12-day Exponential Moving Average (EMA), in blue, has risen above the 26-day EMA (orange).
This position indicates a bullish crossover. If sustained, the VeChain token price might trade higher in the short term.
Project Secures MiCAR License
In addition to the technical outlook, the VeChain project recently acquired the Markets in Crypto Assets Regulation (MiCAR) license.
A MiCAR license acts like a passport for crypto firms in Europe. Once approved in one EU country, it grants access to operate across all 27 member states. With this license, VeChain can legally issue tokens and form regional banking and financial partnerships.
Crypto analyst Michaël van de Poppe shared the update on X (formerly Twitter). VeChain co-founder and CEO Sunny LU confirmed it.
VET Price Analysis: 50% Surge Possible
Concerning the short-term outlook, the daily chart shows a rise in the Money Flow Index (MFI). The MFI measures the level of buying and selling pressure around a cryptocurrency.
When it increases, the MFI indicates buying pressure. A decrease, on the other hand, signifies selling pressure.
Thus, the current rise in the indicator’s reading shows that more bulls are leaning towards an increase in VET’s price. Should this trend remain the same, the VeChain token price might climb to $0.026.
Should bulls maintain this stronghold, VET could rise to the 0.618 Fibonacci ratio at $0.033. However, if the MACD reading turns negative, momentum around the cryptocurrency will be bearish.
In that scenario, selling pressure might also increase. Should this be the case, VET’s market value could drop below $0.020.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful?
