Vechain Price Analysis: VET/USD is bearish for the next 24 hours

Chainlink Price Analysis

TL;DR Breakdown

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

The Vechain price analysis for today is in favor of the bears, as a further decrease in price has been observed. Since 9th November, the market has been following a bearish trend. The cryptocurrency is again facing loss, as the bearish momentum has prevented the price from rising above $0.083. As a result, the support for VET/USD is presently at $0.074, and resistance can be found at $0.084.

Technical indicators highlight a mixed picture. The RSI has been on a constant decrease since 9th November and is currently at 45.45, while the MACD level is about to touch the trigger line in favor of the bears at -0.087.

To evaluate if VET/USD will increase above $0.083, an analysis of both fundamental and technical data is necessary as it can provide more information concerning whether or not this price point will be achieved from now on.

VET/USD price movement in the last 4 hours: Price decreases to $0.078

The VET price is declining again, as the previous 1-day Vechain price analysis demonstrated a bearish trend. The VET/USD pair is presently being traded at $0.078, having declined by 8.8% in the last 24 hours and 7.4% over the past week. Trading volume has decreased by 21.7% over the previous day, while market capitalization has fallen 4.23%, placing the market dominance at 0%.

The price of Bitcoin has been extremely volatile, and the technical indicators are very bearish. Additionally, given the increased volatility, the upper limit for the Bollinger bands has been lowered to $0.125. The lower band value is set at $0.065, indicating support for the cryptocurrency, while the Relative Strength Index (RSI) moves towards index 32 in an undersold region. According to this indicator, traders are selling their assets due to high-pressure price movement.

Vechain four-hour price analysis: Recent developments and further technical indications

The four-hour Vechain price analysis shows that the bearish momentum has grown stronger, with the price declining further during the last four hours. Even though the charts have been dominated by a downtrend, the bulls have made one final appearance after yesterday’s trading session. Today, the bears have reclaimed control and all of today’s candlesticks are crimson. The current price is still below both MA values, currently at $0.082.

Vechain Price Analysis: VET/USD is bearish for the next 24 hours 1
VET/USD 4-hours price chart. Source: TradingView

Over the past several weeks, it was tough to tell whether or not Bitcoin’s price would find a floor. It has been difficult to guess at this point, but given its present volatility, another rebound is most likely next. The Bollinger bands trend indicator suggests that VET support is at $0.086 and resistance is at $0.075 (indicating buying pressure). As the selling pressure increases, the RSI curve steadily drops until index 42 is reached, indicating a high level of lack of trust in the cryptocurrency market. On the 4-hour chart, however, the RSI is relatively stronger than on the 1-day chart.

Vechain Price Analysis: Conclusion

The price continues to fall, as demonstrated by the one-day and four-hour Vechain price analysis. Today’s drop in price was caused by the bearish trend that has dominated the market throughout the day. If bears continue to push prices lower, bullish assistance may appear in the coming hours if they show signs of weariness. However, if selling pressure continues, VET may return to its support level at 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.

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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