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VeChain price analysis: VET suffers major fluctuations under the $0.072 mark

VET

TL;DR Breakdown

  • VeChain price analysis is bearish.
  • The strongest resistance is present at $0.0890.
  • The strongest support is present at $0.0697

The VeChain price analysis shows that the price of VET/USD has suffered a massive bearish movement today, on January 20, 2022. The price had exceeded the $0.0730 mark after reaching $0.0735 on January 19, 2022, followed by the cryptocurrency falling to $0.0716 the next day. The price declined even more, causing the value to drop further on January 20, 2022, and reached $0.0700, after which the price slightly stabilized and reached $0.0717 which is the current price of VeChain. VeChain has been down 1.33% in the last 24 hours, with a trading volume of $189,332,502.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility following a somewhat closing movement which means the cryptocurrency’s price has become slightly less 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 $0.0775, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0697, 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 upwards, indicating that it might soon cross over the Moving Average, resulting in a reversal trend. This could potentially lead to a bullish market with massive room to experiment with bullish activity.

VeChain price analysis: VET suffers major fluctuations under the $0.072 mark 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 40, which slightly puts the cryptocurrency on the stable side; the value falls somewhat in the lower neutral 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: Volatility expands

The VeChain price analysis shows market volatility following a slightly expanding direction. 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 $0.0890, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0788, representing the most vital support for VET.

The VET/USD price seems 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, giving the bulls a fighting chance.

VeChain price analysis: VET suffers major fluctuations under the $0.072 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 an upwards movement that reflects an increasing market trend and movement towards stability. The buying activity exceeding 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 massive room for further reduction in value. The price reached $0.0735 on January 19, 2022; however, the price has been struggling even for the $0.0720 mark now. In addition, the price has been fluctuating. The current price of VeChain is $0.0717.

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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