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VeChain price analysis: VET suffers devaluation at $0.052

VET

TL;DR Breakdown

  • VeChain price analysis is bearish today.
  • The strongest resistance is present at $0.079.
  • VET currently trades at $0.052.

The VeChain price analysis shows that the price of VET/USD has followed a downwards trend in the last 48 hours. The price has shifted towards a negative movement, decreasing significantly, dropping from the $0.0565 mark. The price appears to have experienced a flash crash On February 2, 2022, which caused the price to depreciate to $0.0523 from the $0.0565 mark, then experienced another flash crash on the same day, which caused further depreciation. Still, the price has remained constant today, on February 3, 2022.

The cost of VET has been down 6.18% in the last 24 hours, with a trading volume of $211,770,294—ranking #39 in the cryptocurrency ranking with a live market capital of $3,345,611,027.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility showing dormant dynamics, making the market consistency a priority, which means the cryptocurrency’s price will remain constant until the volatility starts to fluctuate on either extreme. The resistance and support bands appear to have closed the gap, resulting in the market entering a squeeze, hence lower volatility. The upper limit of the Bollinger’s band is present at $0.0559, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0511, representing the strongest support for VET.

The VET/USD price seems to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, the price path appears to be following an upwards direction towards the Moving Average curve, which, if crossed, will reverse the trend. However, the market shows potential for bullish dynamics, and the bulls might change the movement.

VeChain price analysis: VET suffers devaluation at $0.052 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 43, representing a stable cryptocurrency; the value is present in the lower neutral region. Furthermore, the RSI appears to be following a linear approach that reflects the value of the cryptocurrency remaining stable and the equivalence of buying and selling activity. However, if the RSI remains constant, it may indicate stability in the VeChain market.

VeChain price analysis for 1-day: Undervalued cryptocurrency

The VeChain price analysis shows market volatility following a decreasing 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 $0.0794, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0398, 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 a downward movement which may indicate a further depreciation of the cryptocurrency and a firm hold of the bears.

VeChain price analysis: VET suffers devaluation at $0.052 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 30, which means that the cryptocurrency shows severe signs of being undervalued. VeChain falls on the undervalued threshold. The RSI follows a linear movement that reflects an undervalued market. The buying activity has equaled the selling activity causing the RSI score to remain constant.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with slight bullish opportunities. The price has dropped to $0.052 on February 3, 2022, and is currently stuck under the $0.0525 mark. The current price of VeChain is $0.0522. It seems the bears have made plans for a long-term regime that will result in further depreciation of the cryptocurrency.

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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