- VeChain price analysis shows the pair mirror major altcoin price movements
- VET/USD pair is near crucial support levels and needs massive bullish volumes for uptrend
- False breakout on hourly charts may dampen the buyer’s spirits
- The bearish momentum is still solid, and VET needs broader crypto market support
A phase of stagnation has taken over the VET/USD pair, hovering near the $0.08017 level. The broader crypto market is uneventful, and most altcoins are moving sideways. Therefore, VeChain price is also mirroring its peers and not able to chart a clear bullish trajectory. However, the downside momentum is in full play as the pair manages to cling on to a critical support level at $0.08000.
The social media volumes of VeChain in a steady decline which can also affect the actual trading volumes. Traders and prominent investors are sitting on the sidelines to decipher the current stagnation phase. It remains to be seen if the current stage will transform into an accumulation phase in preparation for a bullish move higher.
Hourly charts also show that a double-bottom pattern is emerging near the lower Bollinger Bands as per VeChain price analysis. The price has come down approximately 20 percent in the past four days falling from a high of $0.09873 to $0.05933 level.
VeChain price movement in the last 24 hours: Will VET bounce back or slide further?
The sideways price action has wiped off significant liquidity from the market. Traders, both bullish and bearish, are not willing to take chances in the current zig-zag price action. The descending price channel is dominating the short-term charts.
VeChain price analysis shows that the price opened at $0.07220 and went on to hit a high of $0.08208 level. There is no explicit support besides the middle region of the Bollinger Bands, where the price is currently hovering. The $0.08000 support also represents the .786 Fibonacci retracement of the January highs.
With no apparent bullish outbreak, the VET/USD pair must prepare for further decline, albeit gradually. Moving forward, the pair has lost close to 70 percent in value from the April 2021 highs. The broader crypto market, especially Bitcoin, is dragging lower, and most altcoins are following suit.
VET/USD 4-hour chart: 9-day moving average supports VET
As the market moves under dark clouds, the technical indicators are also not helping clear the dust. The hourly charts are filled with small indecisive candles which defy any patterns. The small rallies that do happen remain within the confines of the Bollinger Bands. The pair is stuck underneath the resistance at $0.08200 with repetitive false breakouts.
The hourly VeChain price analysis shows that the pair is under pressure from the resistance point at $0.08600, where the 200-day moving average resides. The descending triangle shows that the pair may be in for an extended pain period where it can slide towards the $0.07800 level on an hourly basis. Additionally, multiple technical indicators pose a threat to the price recovery near the $0.08260 region.
The RSI reading at 55 shows that the pair is in the neutral zone. The slope of RSI is downwards and shows a declining trend in the short-term charts. The Stochastic RSI follows a similar declining trend where the pair is seen closing in on the $0.07910 level.
VeChain price analysis shows that there is also a death cross pattern emerging on the candlestick charts. It could mean a sudden decline in the price, especially when the price is under pressure from the 50-day moving average.
VeChain price analysis conclusion: VeChain price may spring a surprise
Even though there are dark clouds all over, VeChain price analysis may hold a surprise. The extended period of stagnation may result in accumulation near the $0.0800 pivot point. The pair may witness a breakout near the $0.08610 region, turning VeChain price analysis from negative to positive. However, the pair would require massive volumes and support from the broader crypto realm.
For now, the pair is looking to defend the $0.08000 level from erosion. Gradual selling may turn out to be more dangerous for VeChain price than sharp declines. In the near term, expect the coin to remain under selling pressure.
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