logo

VeChain price analysis: VET struggles at $0.064

VET

TL;DR Breakdown

  • VeChain price analysis is bullish today.
  • The strongest resistance is present at $0.065.
  • VET currently trades at $0.063.

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 an antagonistic movement, decreasing significantly, dropping from the $0.069 mark. The price appears to have experienced two consecutive crashes On February 8, 2022, which caused the price to depreciate to $0.063 from the $0.069 mark, continued to decline on the same day until it finally capped on $0.061, which was followed by a slight positive movement which caused the price to increase to $0.064. Moreover, the price has remained constant today, on February 9, 2022. The current price of VET is $0.063

The cost of VET has been down 2.73% in the last 24 hours, with a trading volume of $279,566,863—ranking #38 in the cryptocurrency ranking with a live market capital of $4,083,747,634.

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 upper limit of the Bollinger’s band is present at $0.069, which acts as a strong resistance for VET. Conversely, the Bollinger’s band limit’s lower limit is available at $0.058, 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 a downward direction signifying a decreasing market. However, the market shows potential for further bearish opportunities, and bears might engulf the market soon.

VeChain price analysis: VET struggles at $0.064 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 54, representing a stable cryptocurrency; the value is present in the upper neutral region. Furthermore, the RSI appears to be following a downward approach that reflects the value of the cryptocurrency decreasing and the dominance of selling activity.

VeChain price analysis for 1-day: Market closes

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 $0.065, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.046, representing the strongest support for VET.

The VET/USD price seems to be crossing over the Moving Average curve, indicating a bullish trend. Furthermore, we can observe the price path following a downward movement which may indicate stability. However, if it gets out of hand,, the price might further depreciate into the undervalued region.

VeChain price analysis: VET struggles at $0.064 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 51, which means that the cryptocurrency shows stable signs. VeChain falls in the upper neutral region. The RSI follows a linear movement that reflects a consistent 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 bullish momentum with bearish opportunities. The price has dropped to $0.061 on February 8, 2022, and is currently stuck under the $0.065 mark. The current price of VeChain is $0.064. It seems the bulls are losing what control they had on the market; bears might soon engulf the market.

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.

Related News

Hot Stories

Ethereum price analysis: Bullish momentum fades as bears attempt to re-establish control
Zcash (ZEC) and Quant (QNT) Have Some Positive Momentum, But The Real Winner Is Snowfall Protocol (SNW)!
Litecoin price analysis: Bearish stream has caused LTC down to $76.93 end
Bitcoin, Binance Coin, XRP, and Cardano Daily Price Analyses – 2 December Morning Prediction
Polkadot price analysis: Bullish momentum gathers as DOT prices target $6.0

Follow Us

Industry News

'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain
OpenSea ends 2022 with major partnerships and $1B in NFT royalties

Add Your Heading Text Here