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VeChain price analysis: VET/USD strongly bearish at $0.0770

VET

TL;DR Breakdown

  • VeChain price analysis is bearish.
  • The strongest resistance is present at $0.0891.
  • The strongest support is present at $0.0768

The VeChain price analysis shows that the price of VET/USD has suffered massive fluctuations over the past few days. The price had almost exceeded the $0.0800 mark after reaching $0.0798 on January 16, 2022, followed by the cryptocurrency falling to $0.0780 the same day. The price declined even more the next day, lost more of its value today on January 17, 2022, and reached $0.0770, which is the current price of VeChain.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility following a slightly expanding movement which means the cryptocurrency’s price has become somewhat more vulnerable to volatile change on either of the extremes. The resistance and support bands appear to be moving farther from each other, indicating increasing volatility. The upper limit of the Bollinger’s band is present at $0.0797, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0768, representing the most substantial support for VET.

The VET/USD price appears to be crossing under the Moving Average curve, signifying a bearish trend. Furthermore, the price path seems to be moving downwards, indicating that it might soon break the support, resulting in a breakout. As the volatility increases, the bears gain a substantial chance of gripping tighter and engulfing the market altogether.

VeChain price analysis: VET/USD strongly bearish at $0.0770 1
VET/USD 4-hour price chart source: Trading view

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 43, which puts the cryptocurrency on neither extreme; the value falls in the lower neutral zone. The bears currently dominate the market. The RSI appears to be following a linear approach that reflects the value of the cryptocurrency slowly escalating its value. The RSI score remains constant because the buying activity equals the selling activity.

VeChain Price Analysis for 1-day: Market enters a squeeze

The VeChain price analysis shows market volatility following a dormant trend. This means that VET/USD prices subject to fluctuations will fluctuate in the same direction as volatility; the prices will not fluctuate until the volatility does. The upper limit of the Bollinger’s band exists at $0.0891, which acts as the strongest resistance for VET. The lower limit of the Bollinger’s band is available at $0.0725, representing the most vital support for VET.

The support and resistance bands appear to be near each other, indicating a tight market, which signifies a squeeze. The market seems to be getting tighter, even after entering a squeeze.

The VET/USD price appears to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, we can observe the price path following a linear movement, maintaining the bearish trend.

VeChain price analysis: VET/USD strongly bearish at $0.0770 2
VET/USD 1-day price chart source: Trading view

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 41, which means that the cryptocurrency shows no signs of being undervalued. VeChain falls in the lower neutral zone. The RSI appears to be following a slightly declining movement that reflects a declining market trend and movement towards devaluation. The selling activity slightly exceeds the buying activity causes a depreciation in the RSI score.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive room for further reduction in value. The price reached $0.0798 on January 16, 2022; however, the price has been struggling even for the $0.0780 mark now. In addition, the price has been fluctuating. The current price of VeChain is $0.0770.

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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