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Vechain price analysis: VET shaky towards 0.078

VET

TL;DR Breakdown

  • Vechain price analysis is bearish today.
  • The strongest support is available at $0.074.
  • The strongest resistance exists at $0.097

The Vechain price analysis shows that the price of VET/USD has suffered devaluation over the past few days. The price had reached the $0.0800 mark after reaching $0.0796 on January 8, 2022, followed by the cryptocurrency suffering a flash crash on the same day, which further declined the price of VET to $0.0719. The price stabilized for a while, regained its value, and reached $0.0774, which is the current price of Vechain.

VET/USD 4-hour price analysis: Market closes volatility

The Vechain price analysis has revealed market volatility following a declining movement which means the cryptocurrency’s price is becoming less prone to change on either of the extremes. The resistance and support bands appear to be closing the gap between them, indicating decreasing volatility. The upper limit of the Bollinger’s band is present at $0.0844, which acts as the strongest resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0744, representing the strongest support for VET.

The VET/USD price appears to be crossing under the Moving Average curve, signifying a bearish trend. The price path appears to be moving upwards, indicating that it will soon cross the curve of the Moving Average. As the volatility decreases, the bulls gain a strong chance of countering the bears, and if they seize this opportunity, then the market may soon be ruled by the bulls.

Vechain price analysis: VET shaky towards 0.078 1
VET/USD 4-hour price chart source: Trading view

The Vechain price analysis reveals that the Relative Strength Index (RSI) is 42, which puts the cryptocurrency on neither extreme. The bears currently dominate the market. The RSI appears to be following an upwards approach that reflects the value of the cryptocurrency slowly experiencing increment in its value and moving towards stability. The RSI score is increasing due to the Buying activity heavily outweighing selling activity. A reverse trend is most probable.

Vechain price analysis for 1-day: Volatility steadily expands

The Vechain price analysis shows market volatility following a slightly increasing trend. This means that VET/USD prices subject to fluctuations will fluctuate in the same direction the volatility does. The upper limit of the Bollinger’s band exists at $0.0978, which acts as the strongest resistance for VET. The lower limit of the Bollinger’s band is available at $0.0746, representing the strongest support for VET.

The support and resistance bands appear to be near each other, indicating a tight market, which signifies a squeeze. The market appears to be slightly expanding. It seems the squeeze is getting loose.

The VET/USD price appears to be crossing under the Moving Average curve, indicating a strong bearish trend. The price path can be observed to be following a downwards movement, resulting in a breakout in the market. If that scenario is realized, a reverse direction is inevitable, and bulls will capture the market.

Vechain price analysis: VET shaky towards 0.078 2
VET/USD 1-day price chart source: Trading view

The Vechain price analysis reveals that the Relative Strength Index (RSI) is 37, which means that the cryptocurrency shows no signs of being undervalued. The RSI appears to be following an upwards movement that reflects an inclining market trend and small chances of a reversal. The buying activity outweighing the selling activity causes an increment in the RSI score.

Vechain Price Analysis Conclusion

The Vechain price analysis concludes that the cryptocurrency shows bearish momentum with strong bullish opportunities. The price reached $0.0796 on January 8, 2022; however, the price has been struggling even for the $0.0780 mark now. The price has been fluctuating. The current price of Vechain is $0.0774.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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