VeChain price analysis: Can the bulls defend the $0.0570 support level?

VeChain price analysis

TL;DR Breakdown

  • VeChain price analysis suggests upwards movement to $0.0600
  • The closest support level lies at $0.05700
  • VET faces resistance at the $0.05800 mark.

The VeChain price analysis shows that the asset’s price action was rejected at the $0.06850 mark and has fallen back to the $0.05700 support level. Although the buyers have defended the support level, the selling pressure still haunts VET price action. 

The broader cryptocurrency market has observed a bullish market sentiment over the last 24-hours as most major cryptocurrencies observe positive price movements. Major players include OXT and ARPA recording an 11.71 and a 10.87 percent incline.

VeChain price analysis: Bulls fight back at $0.05700

VeChain price analysis: Can the bulls defend the $0.0570 support level? 1
Technical indicators for LINK/USDT by Tradingview

Across the technical indicators, the MACD is currently bearish as expressed by the red color of the histogram. However, the lighter shade of the indicator shows a decrease of bearish momentum in recent hours. As the buyers have defended the $0.05700 support level, if they are able to climb above the $0.05900 mark, the indicator would suggest a bullish crossover.

The EMAs are currently trading low as the VET price observes net bearish activity over the past few days as the sellers caused the price to crash below the $0.0600 mark. At press time, the 26-EMA is moving downwards at a steady pace while the 12-EMA has reacted to the recent movements

The RSI was trading high in the neutral zone until 11 February but now hangs close to the bottom line at 30.00 index units. The indicator hovers at 37.71 index units moving horizontally as the price consolidates at the $0.0570 mark. The indicator’s position leaves room for sharp movement in the upwards direction while the low gradient leaves it vulnerable to bearish activity.

The Bollinger Bands are currently wide but show convergence as the bulls fight back at the $0.5700 mark. The indicator suggests a decreasing VET price volatility across the short term with a support level at the $0.05340 mark. Currently, the indicator shows room for sharp bullish activity as the next resistance lies at the mean line at $0.06081. 

Technical analysis for VET/USDT

Overall, the 4-hour VeChain price analysis issues a sell signal with 15 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only one of the indicators supports the bulls, suggesting a low bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.

The 24-hour VeChain price analysis shares this sentiment and issues a sell signal with 14 major technical indicators suggesting downwards movement against only three indicators suggesting further upwards movement. The analysis reaffirms the bearish dominance while showing low bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market. 

What to expect from the VeChain price analysis?

VeChain price analysis: Can the bulls defend the $0.0570 support level? 2
4-hour price chart by Tradingview

The VeChain price analysis shows that after finding strong bearish pressure at the $0.06834 mark which rejected the trend causing VET to crash below the $0.0600 mark. The wavelike bearish activity enabled the sellers to cause a significant price drop without a bounce back from the buyers. At press time, the buyers defend the $0.05700 support but the selling pressure persists. 

Currently, traders should expect the VeChain price analysis to move upwards towards the $0.0600 mark as the bulls fight back against the sellers. The market sentiment is also turning bullish reinforcing this suggestion. While the mid-term technical analyses reject this sentiment, they are yet to react to the price movements across the last 12-hours.

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Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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