- VeChain token has been in a tight range in the past few weeks.
- It has ignored other important news in the crypto industry.
- US consumer price index (CPI) has drifted downwards.
VeChain price has remained in a deep slumber mode in the past few days as investors wait for the next big news in the crypto industry. The VET token price was trading at $0.018 on Monday, where it has been in the past few days. This price is ~35% above the lowest level this year.
VET price volatility has slipped
VeChain, like other cryptocurrencies, has ignored some big news in the past few days. As a result, its price mirrors that of Bitcoin, which has mirrored that of Bitcoin, which has remained below $30,000 for weeks.
There have been some important news in the past few months. For example, Ripple prevailed against the heavily-armed Securities and Exchange Commission (SEC). While the SEC has appealed the ruling, analysts believe that Ripple has a strong case against the agency.
VET price also ignored last week’s consumer price index (CPI) data. According to the Bureau of Labor Statistics (BLS), the core consumer price index (CPI) dropped from 4.8% in June to 4.7% in July. While the figure remains above the Fed’s 2.0%, it is a sign that inflation is falling.
Read more: How to buy VeChain.
Therefore, analysts believe that the Fed will likely maintain interest rates at this level for the remaining part of the year. That would be a positive thing for cryptocurrencies like VeChain.
There have been no major VeChain news lately. Onchain data shows that activity in the network has remained in a downward trend recently. The same is the case with the number of transactions processed in the network.
Looking ahead, the next catalyst for VeChain price will be the performance of Bitcoin, the biggest coin in the world. BTC has remained below $30k for a while. A bullish breakout will lead to more upside.
VeChain price prediction
The daily chart shows that the VET price has been in a tight range in the past few weeks. Along the way, the token has formed a descending triangle pattern that is shown in green. In price action analysis, this pattern is usually one of the most bearish signs. The coin has also moved below the 25-day and 50-day moving averages.
Therefore, the outlook for VeChain price is bearish, with the next level to watch being at $0.016. This view will be confirmed if the price drops below the lower side of the triangle at $0.017. A break above the upper side of the triangle will point to more upside.
