- VeChain price analysis is bearish today.
- The next resistance for VET/USD is present at $0.122.
- Support is found at $0.115.
The VeChain price analysis reveals the price is on a downtrend despite breaking upwards today. After enjoying a full bullish swing during the past week, selling pressure is showing its colors as bears have taken the lead from yesterday. Currently, VET/USD is trading at a value less than half of the all-time high, so we can assume it’s the lower price envelope for the coin but still above the psychological mark of $1.
VET/USD 1-day price chart: Bullseyes $0.122 resistance next as a retest
The 1-day price chart for VeChain price analysis shows a bearish trend as the price has undergone decline again despite the upwards price function during the starting hours of today’s session. VET/USD pair is at a loss of 2.9 percent value over the last 24 hours but still reports marvelous gains of more than 12 percent over the course of the last seven days. The market cap has gone down by three percent, as the trading volume went down by 42 percent, resulting in the market dominance of 0.3 percent.
The volatility for the VET/USD pair is decreasing as the Bollinger bands are indicating by contracting closely, the lower band shows more inwards convergence as compared to the upper band, which indicates the price to remain near the upper band in the coming days, the average of the indicator at $0.11 is below the price level representing support for VET/USD.
The relative strength index (RSI) is on a downward slope at index 54, showing the increasing selling activity in the market; however, the RSI is still neutral but indicates bearish momentum.
VeChain price analysis: Recent developments and further technical indications
The 4-hour VeChain price analysis shows an improvement in price was observed at the start of today’s session, but bears took over swiftly and lowered the price, wiping out the entire gain, even plunging it further below to the current level of $0.117.
The volatility is mild for the VET/USD pair on the 4-hour chart as the upper Bollinger band trades at $0.123, and the lower band is present at the $0.116 mark representing the support making an average at $0.119, representing resistance for VET/USD. The RSI has entered the lower half of the neutral zone and is present at index 47; the downslope of the RSI indicates increasing selling activity.
VeChain price analysis: Conclusion
The VeChain price analysis shows the price trend line for the last three weeks is still upwards, so a price reversal can be expected, as the market is also speculating and the technical indications are there for the price to go up in the coming days. However traders should expect the price to oscillate between $0.116 to $0.118 for the coming hours.
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