VeChain price analysis: VET crashes past the $0.074 mark

VET

TL;DR Breakdown

  • VeChain price analysis is bearish.
  • The strongest resistance is present at $0.0888.
  • The strongest support is present at $0.0716

The VeChain price analysis shows that the price of VET/USD has suffered a massive bearish movement today, on January 19, 2022. The price had almost exceeded the $0.0760 mark after reaching $0.0755 on January 18, 2022, followed by the cryptocurrency falling to $0.0743 the next day. The price declined even more after experiencing a flash crash, which caused the value to drop further on January 19, 2022, and reached $0.0731, which is the current price of VeChain. VeChain has been down 1.93% in the last 24 hours, with a trading volume of $215,826,391.

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 $0.0798, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0716, 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 opportunity to strengthen their control on the market.

VeChain price analysis: VET crashes past the $0.074 mark 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 38, which slightly puts the cryptocurrency undervalued; the value falls somewhat in the depreciation region. The bears currently dominate the market. The RSI appears to be following a robust upwards approach that reflects the value of the cryptocurrency slowly escalating its value. The RSI score experienced an increment because the buying activity exceeded the selling activity.

VeChain Price Analysis for 1-day: Market opening the squeeze

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 as volatility; more volatility memes more probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $0.0888, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0705, representing the most vital support for VET.

The support and resistance bands appear to be near each other. However, they have started to move in opposite directions indicating the market opening, indicating a relatively more volatile market.

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 declining movement which may soon break the support and result in a breakout, causing a reversal.

VeChain price analysis: VET crashes past the $0.074 mark 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 37, which means that the cryptocurrency shows signs of being undervalued. VeChain falls in the undervalued region. The RSI appears to be following a slightly declining movement that reflects a declining market trend and movement towards devaluation. The selling activity exceeding 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 $0.0755 on January 18, 2022; however, the price has been struggling even for the $0.074 mark now. In addition, the price has been fluctuating. The current price of VeChain is $0.0773.

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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