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Vechain Price Analysis: Vechain bulls desperate to defend major bearish trendline forming at $0.1

Solana Price

TL;DR Breakdown

  • Vechain broke below the major trendline at $0.1 on yesterday’s daily chart
  • The price action is attempting to break below the lower angle of an ascending triangle

Vechain price analysis: General price overview

Vechain broke below the major trendline at $0.1 on yesterday’s daily chart forcing bulls back to the drawing board. The breakdown steered lots of selling pressure that attracted lots of bearish weaknesses on the 2-day VET/USD trading pair. On the 1-hour chart, the price action is attempting to break below the lower angle of an ascending triangle it formed, which might invalidate VET’s recovery above the major trendline which occurred during the early trading hours.

The bands are expanded to denote high volatility across the market. Vechain’s price keeps deviating further below the middle line, and the increasing red candles are only signaling how tough it will be for bulls to hit the moving average. The moving average convergence divergence also signals a negative signal after marking a bearish cross on the 4-hour chart. Nonetheless, the coin’s RSI is lying in the positive overbought region but might shift towards the neutral zone anytime. The high volatile chart seems ideal for shorting day traders. 

Vechain price movement in the last 24-hours

Vechain (VET) closed yesterday’s daily chart and the weekend with a downtrend and at $0.0980. However, the onset of the weekend ushered a bullish trendline that saw the price of the VET/USD trading pair break above the $0.1 psychological support. The supply chain and logistics altcoin traded within a head and shoulder pattern — with the head at an early morning higher high of $0.1018 and the neckline cutting through $0.1010.

Vechain accumulated enough buyer volumes to sustain the price above this level. When a downtrend attempted to break below the major trendline, the market responded with a bullish entry and invalidated any bearish weaknesses. Nonetheless, red signals are scattered all across Vechain’s 24-hour trading chart. Regardless of which, the bulls have gone on to set a daily high of $0.103. 

Vechain
Source: TradingView

Vechain 1-hour price chart

A bearish line is forming shape on the 1-hour chart with momentum below $0.1000. The up-down adjustment in pricing within short time frames indicates strong buyers and sellers attempting to win over the market action.  If the bulls manage to consolidate above seller concentration at $0.1010 , there is a high likelihood of extending an uptrend to the $0.10  – $0.18 price level.  

Vechain price analysis conclusion

Vechain is not the only coin struggling with bearish weaknesses. Major coins such as Bitcoin, Ethereum, and Dogecoin have been facing downsides for the past few weeks. The market is yet to recover, and as both bulls and bears engage each other in tug fights – traders can only prepare for the next leg of the bull rally. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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