VeChain price has been in a bearish phase as it dropped continuously from its all-time high of the year. However, now it seems that this bearish phase has come to an end and it is time for a price rebound. As per the different technical analyses, VeChain is now ranked at the 30th position in the market and its market capitalization is counted at $614 million.
VeChain Price Will Rise If Buying Pressure Becomes Strong
Different analysis indicates a current buy signal which is an ultimate sign of a bullish outlook. It is believed that if there will be a subsequent increase in the demand of the token then VeChain price will ultimately reach higher. Hence, there will be an end to this downtrend that has been going on for quite some time now. The buying pressure seems to get strong now and if it will keep getting stronger then there will definitely be an uptrend.
The chart reveals a 100 Simple Moving Average (SMA) which might lead the VeChain price to a high of $0.014. Along with this, the Relative Strength Index (RSI) is indicating a completely bullish outlook for VeChain in the near future. Both the price and RSI seems to form a bullish divergence now for the price of the token.
Technical Outlook Indicates an Exhaustion
In the crypto market, price predictions keep coming now and then and there are always clashes between different predictions. According to technical analysis, there is not enough buying signal that can complement the price of VeChain. It indicates that the downward going price of the token is now getting very near to exhaustion. It is highly necessary for VeChain to maintain the current position and get above this downtrend. If it is unable to do so then there might not be any uptrend for the token anytime soon.