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VeChain price analysis: VET rejected at $0.080, expected to fall to $0.70

VeChain price analysis

TL;DR Breakdown

  • VeChain price analysis suggests strong bearish activity across the short-term
  • The closest support level lies at $0.0750
  • VET faces resistance at the $0.80 mark

The VeChain price analysis shows that after consolidating below the $0.0800 mark for the past few days, the price action was rejected at the level and initiated a downwards trend. While the price action trades above the $0.0750 support level at press time, the selling pressure is still increasing suggesting further downwards movement for the asset.

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include LEO and WAX recording a 6.76 and a 5.11 percent decline, respectively. 

VeChain price analysis: VET rejected at $0.80, moves lower

VeChain price analysis: VET rejected at $0.080, expected to fall to $0.70 1
Technical indicators for VET/USDT by Tradingview

Across the technical indicators, the MACD is currently bullish as expressed in the green color of the histogram. However, the indicator shows low bullish momentum as the height of the histogram remains low at press time. Furthermore, the lighter shade of the indicator suggests a decreasing buying momentum across the short-term charts. 

The EMAs are currently trading low as VET observes steady bearish activity over the last few days as the price dropped from the $0.0950 mark to the current 0.0750 mark. The 26-EMA trades horizontal as the price oscillates around the $0.800 mark. On the other hand, the 12-EMA follows the recent price movement and moves downwards to converge with the 26-EMA indicating a bearish turnover across the short-term charts. 

The RSI is currently neutral but trades low showing slight bearish dominance over the price action. The indicator hovers at 36.87 index units moving with a downwards slope suggesting bearish pressure increasing at press time. Furthermore, the neutral position of the indicator shows that VET has room for significant movement before VET would require a trend correction

The Bollinger Bands are currently narrow but show divergence as the price makes a return towards the indicator’s bottom line at $0.0739. The bands’ width suggests increasing volatility across the short-term charts while the mean line shows a declining resistance at $0.08062. Currently, the bottom line provides the support for VET below the $0.0750 support it currently hovers above. 

Technical analysis for VET/USDT

Overall, the 4-hour VeChain price analysis issues a strong sell signal with 16 of the 26 major technical indicators showing support to the bears. On the other hand, only one of the indicators supports the bulls suggesting that there is little to no significant buying activity occurring in the markets. Meanwhile, the remaining nine indicators sit on the fence and issue no signals at the time of writing.

The 24-hour VeChain price analysis shares this sentiment and shows 15 indicators in favor of further downwards movement against one suggesting an upwards price action across the mid-term charts. The analysis reaffirms the bearish dominance over VET. At the same time, ten indicators do not support either side of the market. 

What to expect from the VeChain price analysis?

VeChain price analysis: VET rejected at $0.080, expected to fall to $0.70 2
4-hour price chart by Tradingview

The VeChain price analysis shows that after consolidating below the $0.080 mark for the past two days, VET was rejected at the resistance and broke downwards. While the price action currently holds above the $0.0750 support, the bearish pressure is still increasing suggesting further downwards movement. 

Currently, traders should expect the VeChain price analysis to move downwards towards the $0.0700 mark as the market shows a turnover of momentum from the bulls to the bearss. Similarly, the mid-term technical analyses support the bears as the price continues trading in a downwards trend across the mid-term charts.

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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