VeChain’s native token, VET, finds itself in a precarious position. While the underlying VeChain supply chain recently emerged from a red streak, VET itself struggles to gain traction. Currently trading around $0.034, VET boasts a minor increase in trading volume, but technical indicators paint a concerning picture.
Sideways Movement Dampens Investor Sentiment
VET’s price action has been predominantly sideways for over a month. This stagnation has led investors to seek greener pastures in more promising digital assets. The recent recovery in the VeChain supply chain initially sparked optimism for VET, but this hasn’t translated into a price surge.
CoinCodex Predicts Downtrend, Casting a Shadow on VET’s May Prospects
Popular cryptocurrency analysis platform CoinCodex throws cold water on VET’s immediate future. Their predictions suggest a bearish trend with more downtrends than upswings in May. The estimates even project a potential fall to $0.031, a significant drop from its current price. A brief recovery to $0.033 by month’s end is a possibility, but this still represents a decline.
Technical Indicators Signal Bearish Dominance
Adding to the concerns are technical indicators that overwhelmingly point towards selling pressure for VET in May. The sentiment indicator reveals a stark contrast: 38% bullish versus a worrying 62% bearish. This data suggests caution for investors considering VET purchases in May.
The projected decline in VET’s trading volume, with just $45 million traded in the last 24 hours, further amplifies the price pressure. This lack of momentum weakens VET’s ability to break free from its bearish grip.
Also Read: VeChain (VET): Can a $1,000 Investment Make You a Millionaire by 2030? – Here’s What Experts Think
VeChain’s Road to Recovery Remains Uncertain
VeChain’s stagnant price action, coupled with the bearish predictions and technical indicators, creates a significant hurdle for the token. Without a significant shift in market sentiment or a breakthrough in its application, VET’s path to recovery remains uncertain.
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