VeChain price analysis: VET/USD gains bullish potential at the $0.0550 mark

VET

TL;DR Breakdown

  • VeChain price analysis is bearish.
  • The strongest resistance is present at $0.0925.
  • Trading price of VeChain is $0.0534.

The VeChain price analysis shows that the price of VET/USD has maintained yesterdays’ movements with slight fluctuations, on January 23, 2022. The price has broken the support and entered a breakout at the $0.0550 mark after reaching $0.0534 today. The cost of VET has been up 2.39% in the last 24 hours, with a trading volume of $455,059,904.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility following a massive opening movement which means the cryptocurrency’s price has become significantly 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 $0.0787, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0439, representing the strongest support for VET.

The VET/USD price appears to be crossing over the Moving Average curve, signifying a bullish trend. Furthermore, the price path seems to be following an upward direction, which may soon travel further above the Moving Average curve, hinting towards a downright bullish market.

VeChain price analysis: VET/USD gains bullish potential at the $0.0550 mark 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 30, representing a severely undervalued cryptocurrency; the value exceeds the threshold and enters the depreciation region. Furthermore, the RSI appears to be following an upwards approach that reflects the value of the cryptocurrency, slowly increasing its value and signaling intense buying activity and movement towards stability.

VeChain Price Analysis for 1-day: Market opens up

The VeChain price analysis shows market volatility following an expanding direction. This means that VET/USD prices subject to fluctuations will fluctuate in the same direction as volatility; more volatility means more probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $0.0925, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0553, representing another resistance point for VET rather than its support.

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 has broken the support and given the bulls a fighting chance at last. Moreover, we can follow the market to be in a breakout indicating a potential reversal and a comeback for the bulls.

VeChain price analysis: VET/USD gains bullish potential at the $0.0550 mark 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 25, which means that the cryptocurrency shows severe signs of being undervalued. VeChain falls in the undervalued region. The RSI appears to follow an upwards movement that reflects an increasing market. The buying activity exceeding the selling activity causes a decline in the RSI score, which can be considered strong evidence of a possible reverse trend.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive opportunities for a reversal. The price reached $0.0591 on January 22, 2022; however, the price has been struggling even for the $0.0550 mark now. The current price of VeChain is $0.0534. However, the VET market shows massive potential for a reversal movement to get VeChain back on track.

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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