VeChain (VET) has been experiencing a continuous decline in its trading performance for over a week, with nearly a 20% decrease since the year began. The cryptocurrency, centered around supply chain technology, has exhibited a persistent downtrend since 2023, with minimal indications of a price recovery. Nevertheless, this situation could potentially offer investors a ‘buy the dip’ opportunity.
Buy signals have been identified on both the 1-day and 3-day VET charts, as indicated by the TD Sequential indicator. This implies a potential upward movement, with the likelihood of extending for one to four candlesticks, as per a post on X from cryptocurrency expert Ali Martinez on January 22.
“#VeChain Trading Alert: Buy signals have emerged on both the 1-day and 3-day $VET charts, based on the TD Sequential indicator. This suggests a potential upswing, possibly extending for one to four candlesticks,” analyst noted.
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VET price analysis
At the time of writing, VET was trading at $0.02723, marking a -5.07 % decrease in the last 24 hours and losing -10.74% in the previous week. The previous 30 days also inflicted -22.35% losses on this digital asset.
Whether this cryptocurrency will manage to reverse the trend and live up to the expectations of analysts and AI remains to be seen. Currently, things look bullish.
To gauge further, Finbold utilized the AI predictions from CoinCodex to forecast the possible price of digital assets in the near future, and VET might be closer to the $0.050 threshold than we think.
According to AI predictions, VET should attain the threshold of $0.050 in the middle of May and even climb to the point of $0.10 in June. This would represent an impressive 84% increase from the current level.
Recent developments regarding VeChain
The recent period has been a mixed bag of surprises for the VeChain blockchain, bringing both good and bad news.
VeChain fell prey to a cyber attack on January 18, as its official X account was compromised. Exploiting the account, hackers initiated a scam giveaway, targeting VeChain and Ethereum (ETH) holders with deceptive promises of substantial returns.
This contradicts recent news that Vechain is poised to implement account abstraction (AA) in the near future. This advancement is expected to significantly enhance the broad acceptance of VET by facilitating the utilization of smart contract wallets.
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