- VeChain price analysis is bearish today.
- VET/USD is trading at $0.1275.
- Closest support at $0.123.
VET/USD is presently trading between $0.064 and $0.12 following an acute correction from the $0.14 resistance, which was previously broken on September 12 this year. We anticipate another decline to be tested as we see a break below the $0.14 barrier again today. VET/USD, therefore, should test the $0.123 support next.
VeChain price movement in the last 24 hours: VeChain starts to retrace after resistance is found at $0.14
The RSI indicator at 50 serves as a signal of sideways movements, while it is still oversold on the daily charts according to the oscillators. Slow Stochastic Oscillator at 10 supports this signal by indicating that few overbought levels should be exceeded before the next downward trend begins. In this sense, we will not have any indication in favor of bullish price action until after an upward correction takes place, indicated by the convergence of the moving averages in all timeframes above or below $0.14.
VeChain started its downward movement yesterday following the $0.14 resistance level briefly for the second time, which it failed to sustain after not surpassing $0.15 during late September. On September 12, VeChain price surged 11% following a positive announcement by Binance of adding VET/USDT on its platform as an additional trading pair on September 20 this year.
VET/USD is now in bearish territories today as it trades below Fibonacci retracement levels at 61.8% and 55%, which will likely serve as resistance levels for an upward correction longer term.
VET/USD 4-hour chart: VET to test previous low?
We can see the VeChain price movement declining on the four-hour chart, probably culminating in a test of the previous low later today.
For the entire week, the VeChain price action has been confined to a bearish market structure. On November 9, a significantly higher high was established above $0.185, which marked the start of a very successful November.
On November 16, VET/USD proceeded to climb after its first successful resistance test on the 50-day moving average. At first, VET reached a low of $0.135 on November 18 18, before declining even further to $0.123 on the following day.
Vechain prices fell sharply on Monday, and the VEN/USD pair dropped to $0.14 over the weekend. Overnight, bears resumed pushing lower, prompting VET/USD to drop below $0.13. Later today, the selloff is expected to continue with the $0.123 mark as the target.
VeChain Price Analysis: Conclusion
We are bearish on VeChain in the near term, anticipating that the present selloff will continue. The nearest support for VET/USD is at $0.123, which should be reached within the next 24 hours.
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