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Vechain price analysis: Price function deflates at $0.078 as bearish trend continues

Vechain price analysis Price function deflates at as bearish trend continues

TL;DR Breakdown

  • Vechain price analysis is bearish today.
  • Support for VET/USD is present at $0.074.
  • Resistance is found at $0.084.

Vechain price analysis is in favor of bears for today as a further decrease in price has been observed today. The market has been following a bearish trend since 9th November. The cryptocurrency is facing loss once again as the bearish momentum has been able to stop the price from going above $0.083. As a result, the price moved down to $0.078.

VET/USD 1-day price chart: Price decreases to $0.078

The price is going down once again as a bearish trend has been confirmed from the one-day Vechain price analysis. VET/USD pair is trading hands at $0.078 at the time of writing after being on the decline steadily since yesterday. The crypto pair has lost a value of 8.8 percent during the last 24 hours and has lost a value of 7.4 percent over the past week. The trading volume has also been down by 21.7 percent, and the market cap has also decreased by 4.23 percent over the past day, limiting the market dominance to 0.24 percent.

Vechain price analysis: Price function deflates at $0.078 as bearish trend continues 1
VET/USD 1-day price chart. Source: TradingView

Furthermore, the volatility has been towards the higher side, which is yet another bearish sign. The upper limit of the Bollinger bands is at $0.125, whereas the lower band value is at $0.065, representing support for the coin. The Relative Strength Index (RSI) is moving downwards towards the undersold region at index 32. The indicator hints at the price function under high pressure as traders are selling their assets.

Vechain price analysis: Recent developments and further technical indications

The four hours Vechain price analysis is showing signs of strengthening of the bearish momentum as the price underwent further decline during the last four hours. Although a downtrend has been dominating the charts, the bulls have shown their last presence at the end of the last trading session. Today, the bears have succeeded in taking the lead back, and all the candlesticks for today are red. The price level is still below the moving average value, which is standing at $0.082 for now.

Vechain price analysis: Price function deflates at $0.078 as bearish trend continues 2
VET/USD 4-hours price chart. Source: TradingView

The volatility has been low noticeably, which means that chances of further recovery may come in the coming hours. The Bollinger bands Indicator is dictating the following values; the upper value is currently at $0.086, whereas the lower value is at $0.075, representing support for VET. The RSI curve is continuously moving down as the selling pressure is immense, and the RSI level has now decreased to index 42. The RSI is comparatively at a quite better level on the 4-hour chart than the 1-day chart.

Vechain price analysis conclusion

The price is headed down once again, as it has been confirmed from the one-day and four hours Vechain price analysis. The price has followed downward movement today because of the bearish trend dominating the market. As bears have been in the driving seat for the past 12 hours so bullish help may appear in the coming hours if bears show any exhaustion. But if the selling pressure continues, then VET may revisit the support zone around $0.074.

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.
Aamir Sheikh

Aamir Sheikh

Amir is a media, marketing and content professional working in the digital industry. A veteran in content production Amir is now an enthusiastic cryptocurrency proponent, analyst and writer.

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