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VeChain price analysis: VET climbs sluggishly towards $0.058

VET

TL;DR Breakdown

  • VeChain price analysis is bearish today
  • The strongest resistance is present at $0.062.
  • VET currently trades at $0.057.

The VeChain price analysis shows that the price of VET/USD has entered a downwards trend in the last 24 hours. The price has recently shifted towards a negative movement, decreasing significantly, dropping from the $0.058 mark. The price appears to have experienced a decline significantly On February 13, 2022, which caused the price to depreciate to $0.0557 from the $0.0580 mark, then experienced another flash crash on the same day, which caused further depreciation. Still, the price has remained constant today, on February 14, 2022.

The cost of VET has been down 0.81% in the last 24 hours, with a trading volume of $258,776,328—ranking #40 in the cryptocurrency ranking with a live market capital of $3,662,653,466.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility showing declining dynamics, making the market devaluation a priority, which means the cryptocurrency’s price will become more prone to shift to either extreme. The resistance and support bands appear to have closed the gap, resulting in the market closing and decreased volatility, hence lower volatility. The upper limit of the Bollinger’s band is present at $0.0624, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0534, representing the strongest support for VET.

The VET/USD price seems to be crossing over the Moving Average curve, indicating a bullish trend. Furthermore, the price path appears to be following an upwards direction towards the resistance. However, the market shows potential for further bullish activities, and soon enough, bulls might engulf the whole market.

VeChain price analysis: VET climbs sluggishly towards $0.058 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 42, representing a stable cryptocurrency; the value is present in the lower neutral region. Furthermore, the RSI appears to be following an upwards approach that reflects the value of the cryptocurrency rising and the dominance of the buying activity.

VeChain price analysis for 1-day: Stable dynamics

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. As the volatility declines, the market enters a squeeze. As a result, The upper limit of the Bollinger’s band exists at $0.0672, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0477, 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 climbs sluggishly towards $0.058 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 43, which means that the cryptocurrency shows stability and falls in the lower neutral zone. The RSI follows an upwards movement that reflects an undervalued market. The buying activity has equaled the selling activity causing the RSI score to remain constant.

VeVhain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive bullish opportunities. The price rose to $0.057 on February 14, 2022, and is currently stuck under the $0.058 mark. The current price of VeChain is $0.057. It seems the cryptocurrency has been moving towards stability as it shows no signs of devaluation or inflation.

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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