The Vechain (VET) price has increased since the beginning of the year. While the upward movement has not come close to reaching the long-term descending resistance line in place since the all-time high, it was successful in reclaiming the $0.022 support area. This rendered the previous breakdown (green circle) as a deviation. These deviations and reclaims usually bode well for the future price.
VET created a higher low in March 2023 (green icon), characterized by a long lower wick (green icon). Moreover, the weekly RSI is in the process of moving above 50, a sign associated with bullish trends. So, if the increase continues, the VET price could reach the resistance line at $0.034.
A weekly close below $0.022 would invalidate the bullish VET price forecast. In that case, the VET price could decrease toward $0.015.
VeChain (VET) Price Prediction for April: Correction Complete, Breakout Incoming
The technical analysis from the daily time frame aligns with the weekly one and shows extremely similar price action. This is visible in the deviation below (green circle) and reclaim of the $0.023 horizontal support area, which is also the 0.618 Fib retracement support level.
Furthermore, unlike the weekly time frame, the VET token price already broke out from a short-term descending resistance line.
Finally, the daily RSI has moved above 50 (green icon).
Therefore, the daily time frame price action supports the continuation of the upward movement toward $0.038. A daily close below $0.022 would nullify this bullish VET price prediction for April. As outlined previously, this would cause a drop toward $0.015.
To conclude, the most likely Vechain price forecast is the continuation of the increase toward $0.038. This would be invalidated by a close below $0.022, causing a drop to $0.015.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.