- Price has heightened up to $0.117.
- Vechain price analysis shows uptrend.
- Support is stable at $0.103 level.
The bulls are striving to make a comeback, and so far, their efforts have been productive as the price covered an upward movement today. As the sellers have been active, a constant downswing has been following the market for the past few weeks. There have been bullish intervals where the market followed an increasing trend, but the overall lead has been for the bears. But now, the bulls are participating again as the price increased up to $0.117 today.
VET/USD 1-day price chart: Bullish trend uplifts coin value up to $0.117 high
The one-day Vechain price analysis confirms that chances of recovery are rising for the bulls because of a sudden reversal in trends. The bears have been dominating the price charts for the past few weeks as more selling activity occurred. But today, strong resistance from the bullish side was observed as the price increased up to $0.117 height. The price is still lower than its moving average (MA) value which is $0.122.
As the price has been undergoing a continuous decline for the past few weeks, the Bollinger Bands average has dropped to $0.138. If we discuss the upper and lower values of the Bollinger Bands Indicator, then its upper end is standing at $0.174 while its lower back is at $0.103. The Relative Strength Index (RSI) score is now 38.89 after today’s recovery.
Vechain price analysis: Price stumbles at $0.117 after facing rejection
The four hours Vechain price analysis predicts a bearish trend as a slight decline in VET/USD market value can be detected. Although the bulls controlled the market trends earlier, the latest development has been in the bearish direction. The price is now settling down at $0.117 as a result of the latest bearish strike. The short-term trending line is still moving ascendingly due to the previous uptrend. At the same time, the moving average value at present is $0.113.
The volatility is on the decreasing side, which means there is a high probability that an uptrend is coming ahead. The upper end of the Bollinger Bands Indicator is at $0.121, whereas its lower back is at $0.108. The RSI score is now 38.89, which is quite a neutral figure.
A strong selling trend has been dominating the market over the period of past two weeks, hence the bearish indication. The technical indicators chart is thus supporting the sellers by giving a bearish hint. Thirteen indicators are on the selling side; nine hands are on the neutral side, while only four are on the buying side.
The moving averages indicator is following a definite bearish trend because of the rise in selling activity. Currently, 11 hands are present on the selling position, three indicators are on the buying position, and one is on the neutral position. The oscillators predict a neutral trend as eight oscillators are on a neutral position, two oscillators are selling, and one is on the buying position.
Vechain price analysis conclusion
The one-day and four hours Vechain price analysis is predicting an uptrend for the day as the price followed an increasing movement. Green candlesticks are marking a recovery for the bulls as the price has heightened up to $0.117. We can expect a rise in buying momentum in the upcoming weeks if the buyers perform persistently.
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.