Vechain Price Analysis: VET/USD lagging behind moving averages at $0.068 support zone

Aave USD price analysis

TL;DR Breakdown

  • Vechain price analysis in the last 2 days has been bearish
  • VET/USDT volumes dropped below the average trendline on Wednesday
  • The coin is aiming to overcome the 200-day simple moving average at $0.092

Vechain Price Analysis: General price overview

Vechain price analysis in the last two days has been bearish until today when the coin broke out of the $0.07 price mark. Traders anticipate an uptrend ahead of the day and mild short-term gains that will benefit day traders and swing traders. 

Nonetheless, the slight breakout does not evidence any bullish outlook but could support a rally in the medium-term. The weekend is here, and there is no telling what direction the coin will take. 

The relative strength index points towards indecision at 47 but has verged within the overbought region for the better part of the 2-day chart. 

Vechain’s volumes dropped below the average trendline on Wednesday, thereby calling for improvements in the upcoming sessions. 

Besides, the price has downslopped below a couple of moving averages and demands lots of buyer pressure to rebound above solid resistance at the 20-day displaced moving average.

Vechain price movement in the last 24 hours: Price hurdle at $0.069

Presently, Vechain price analysis has already shifted position from the immediate support at $0.065 and is now attempting to break resistance at $0.069.

The coin surpassed the resistance during the early morning trading hours, but the bulls could not defeat heightening seller concentration. 

Since morning, Vechain has been trading with a head and shoulder pattern with a neckline through the price hurdle. The tip lies at the daily rejection, around $0.0705. 

Vechain price analysis
Source: TradingView

Meanwhile, the current zone is an improvement across the 5-day chart since the beginning of the week when the coin reframed a rising wedge from last week’s descending triangle. 

The VET/USDT trading pair aims to overcome the 200-day simple moving average at $0.092; this would suggest an approximately 25 percent gain from the current price. On the other hand, the bears aim to dismantle the major support and print lows around $0.053.

VET/USD 4-hour price chart: Developing bearish weaknesses

At the time of writing, VET/USDT pair is trading at $0.06850 and has been hovering around $0.068 and $0.069 throughout the session. A continuation of the current price trend could have the price retest $0.065 due to a developing descending channel. 

Vechain price analysis on the 1-hour chart is trending with a falling wedge , with the bears putting a massive show to hijack any positive near term signals. Furthermore, the RSI has slanted into the overbought region on the 1-hour chart, suggesting the bulls are waging momentum to overcome resistance at $0.069. 

Vechain price analysis
Source: TradingView

Vechain price analysis conclusion 

Generally, the Vechain price analysis is bearish as has been the case in the last 2 days. There are positive signs of a recovery and as we head into the weekend, traders can anticipate higher volumes that might subsequently increase the price of the coin. 

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.

Related News

Hot Stories

Blockchain industry has over 81 Million active users, reports show
Explained: 2 Important Ethereum priorities after The Merge
Kitsumon launches NFT land sale in partnership with top NFT and Gaming platforms
What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
Dogecoin price analysis: DOGE peaks at $0.063, quickly tests $0.06  

Follow Us

Industry News

What lies ahead for Voyager Digital and its investors after FTX wins the purchase auction?
What is happening with Nexo?
FTT burn Vs. BNB burn Vs. Shiba burn
Was the Wintermute hack an inside job?
Watch: Inside the Walmart Metaverse 2022