VeChain price analysis: VET/USD is bearish for the next 24 hours

Chainlink Price Analysis

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • VeChain is currently trading at $0.0827.
  • VET faces resistance at the $0.90 mark.

The VeChain price analysis indicates that the price failed at $0.0800 and began downwards after consolidating below that level for a few days. The selling pressure is still rising, suggesting further downside movement for the asset, even though it’s trading above $0.0750 support right now. The next resistance is at $0.80, which could be a tough level to break.

VeChain price analysis suggests that the short-term outlook is quite bearish. The asset has been on a downward trend since it failed to break above $0.0800, and the selling pressure is still rising, indicating that there’s more downside potential ahead. The closest support level lies at $0.0750, but even if VeChain falls below that mark, it could still find buyers near the $0.0600 area. On the upside, the next resistance is at $0.80, which could be a tough level to break. Overall, VeChain appears to be weak heading into the near future.

VET/USD price movement in the last 24 hours: VET rejected at $0.80, moves lower

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 neutral but trades low, showing slight bearish dominance over the price. The indicator hovers at 36.87 index units, moving with a downwards slope, suggesting that bearish pressure increases 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.

Lastly, the price action is currently trading in a descending triangle formation, as observed on the 1-hour chart. The asset is currently testing the support line at $0.0750 with resistance around the $0.800 mark. A break above the resistance could increase the price and bullish momentum, while a break below the support could lead to more selling pressure pushing the price towards the next support at $0.0600.

VEChain Price Analysis: Short-term Bearish Outlook Suggests Further Downtrend Ahead was originally published in VeChain Foundation on Medium. People continue the conversation by highlighting and responding to this story.

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.

VET/USD four-hour price analysis: What to expect?

VeChain price analysis: VET/USD is bearish for the next 24 hours 1
4-hour price chart by Tradingview

VET was again rejected at the resistance and broke downwards after consolidating below the $0.080 mark for the previous two days, according to VeChain’s price analysis. The bearish pressure is still increasing, indicating that VET will continue to fall.

Traders should anticipate the VeChain price forecast to fall through the $0.0700 level as the market’s momentum swings from bulls to bears. Similarly, while the long-term technical views favor sellers, the mid-term technical analyses back up the bears as the price continues to drop on the mid-term charts.

VeChain price analysis: Conclusion

The VET price traded below the $0.0750 mark as expected in yesterday’s VeChain analysis, yet it bounced after testing the support at $0.0700 and has currently consolidated above that level. Nevertheless, the bearish pressure increases on the short-term charts while the mid-term technical indicators are still showing a downward trend.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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