- VeChain price analysis suggests downwards movement to $0.0800
- The closest support level lies at $0.0800
- VET faces resistance at the $0.0820 mark
The VeChain price analysis shows that the bulls were able to find strong support at $18.20 that enabled the buyers to initiate a rally above the $0.0800 mark. While the price action finds short-term resistance at $0.0800, the market sentiment is bullish suggesting upwards movement.
The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include AVAX and HEXrecording a 16.55 and a 15.65 percent incline, respectively.
VeChain price analysis: VET recovers $0.8000 level
Across the technical indicators, the MACD is currently bullish as the indicator has just exhibited a bullish crossover across the 4-hour charts. As such, the indicator shows low bullish momentum which is bound to decrease in the short term as the VeChain price falls back towards the $0.0800 support.
The EMAs are currently trading close to the mean position as VET has observed low net movement across the last few days. At press time, the 12-EMA is moving downwards with a steady slope mirroring the recent price movements. On the other hand, while the 26-EMA follows behind, the slope is much lower indicating the bearish pressure faced by the bulls.
The RSI is currently neutral and trades above the mean level showing slight bullish dominance over the price action. The indicator hovers at 54.50 index units moving upwards as VET crosses the $0.800 resistance level. However, the neutral position of the indicator shows that VET has room for significant bullish movement before the asset would need a trend correction.
The Bollinger Bands are currently narrow but show divergence as the price action shows steady bullish activity climbing above the indicator’s mean line. However, the price still finds resistance at $0.0820 and rejection may cause the price to spiral back to the $0.0780 mark.
Technical analysis for VET/USDT
Overall, the 4-hour VeChain price analysis issues a buy signal with ten of the 26 major technical indicators showing support to the bulls. On the other hand, six of the indicators support the bulls suggesting that there is still significant selling activity occurring in the markets. Meanwhile, the remaining ten indicators sit on the fence and issue no signals at the time of writing.
The 24-hour VeChain price analysis accentuates this sentiment and shows 14 indicators in favor of further upwards movement against two suggesting a downwards price action across the mid-term charts. The analysis reaffirms the bullish dominance over VET as it shows that the selling pressure still weighs on the price action. At the same time, ten indicators do not support either side of the market.
What to expect from the VeChain price analysis?
The VeChain price analysis shows that after finding strong support at the $0.07700 level, the bulls were enabled to initiate a trend reversal and have recovered the $0.0800 mark at press time. The price action finds short-term resistance at $0.0820 which might cause the bulls to stumble.
Currently, traders should expect the VeChain price analysis to move downwards towards the $0.08000 mark as the bulls take over the market. The suggestion is reinforced by the short-term technicals and while the mid-term technical analyses are in disagreement they are yet to react to recent market movements.