VeChain price analysis: VET/USD climbs sluggishly towards $0.0540

VET

TL;DR Breakdown

  • VeChain price analysis is bearish.
  • The strongest resistance is present at $0.0915.
  • Trading price of VeChain is $0.0534.

The VeChain price analysis shows that the price of VET/USD has followed an increasing trend in the last 48 hours, until January 25, 2022. The price had broken the support and entered a breakout at the $0.0500 mark after reaching $0.0498 the previous day, on January 24, 2022. The cost of VET has been up 11.51% in the last 24 hours, with a trading volume of $305,639,508.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility following a massive closing movement resulting in a squeeze, which means the cryptocurrency’s price has become significantly less vulnerable to volatile change on either of the extremes. The resistance and support bands appear to be moving towards each other, indicating decreasing volatility. The upper limit of the Bollinger’s band is present at $0.0550, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0469, 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 upwards direction towards the resistance, and the price might meet the resistance soon, breaking it and reversing the trend. However, as the volatility declines, the chances of a reversal also decline.

VeChain price analysis: VET/USD climbs sluggishly towards $0.0540 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 47, representing a stable cryptocurrency; the value is present at the lower neutral region. Furthermore, the RSI appears to be following an upwards approach that reflects the value of the cryptocurrency increasing and the dominance of buying activity.

VeChain Price Analysis for 1-day: Market shows bullish momentum

The VeChain price analysis shows market volatility following a declining direction. This means that VET/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $0.0915, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0497, representing the strongest 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 an upwards movement which may indicate bullish momentum at last. Moreover, we can see the price gaining momentum and moving towards a stable position to anchor itself.

VeChain price analysis: VET/USD climbs sluggishly towards $0.0540 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 27, 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 exceeds the selling activity causing the RSI score to increase, indicating bullish momentum.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive bullish opportunities. The price reached $0.0520 on January 24, 2022. However, the price has gained bullish momentum and currently aims for the $0.0540 spot, which it will reach soon. The current price of VeChain is $0.0534. VeChain is back on track, and the bulls will maintain their momentum raise the price of VeChain even further.

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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