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VeChain price analysis: bearish for the next 24 hours

Vechain price analysis

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 VET/USD pair has entered a downturn in the previous 24 hours. The value has recently moved away from a negative trend, dropping considerably, falling from $0.058 to $0.058 in recent days. On February 13, 2022, when compared with yesterday’s value of $ 0.057, the currency fell by 1%, which is not very serious.

The current price of $0.057 is still higher than the previous day’s lowest point on February 12, which hit $0.056, 4% lower than the current price. This decline occurred as a result of a growing bearish trend.

VeChain price analysis for 1-day: Stable dynamics

The current market forecast for VeChain is bearish. According to many analysts and heavy hitters in finance and high tech, we can expect a further reduction in value for VET tokens during February 14-15. The cryptocurrency is expected to close the week at around $0.051.

In addition, experts from the industry have recently been very pessimistic about the market’s future. According to a report by CNBC, one of Wall Street’s most respected investment veterans has predicted a 90% reduction in cryptocurrency prices over the next ten years. In addition, other large-scale investors and fund managers have also recently stated that the next few months would be especially difficult for cryptocurrencies. VeChain to $ 0.062 has a history of success and therefore offers investors the opportunity to buy cheaply in anticipation of large gains when this resistance level is broken through.

VeChain price analysis: bearish for the next 24 hours 1

VET/USD 1-day price chart source: TradingView

Currently, the currency trades at the price of 0.057 dollars per token. The currency has recently shown a slight drop of 0.01 dollars, mainly due to the strengthening of the dollar against most major currencies. Economic experts have said that investors are waiting for news about some global economic events and some corporate announcements from some international companies. The next significant movement of the VET price will be closely related to these factors.

VET/USD 4-hour price analysis: Latest developments

The next level of resistance for buyers is the level of $0.060. This is where most traders have their stop-loss orders. A close above $0.060 will likely trigger the uptrend, which should take VeChain to levels of $ 0.062 and $0.063 per token. The currency’s main resistance is at $0.062; this is where most traders have their stop-loss orders placed.

The support level for traders is around $0.056, where short positions are to be closed. This is an important support that could lead to the emergence of a new uptrend, with resistance at $0.060 per token. The current price of VET/USD is around $0.057 per coin – this is not very strong. The price is expected to drop in the coming hours, leading to a rebound at $0.057 or slightly higher.

VeChain price analysis: bearish for the next 24 hours 2
VET/USD 4-hour price chart source: TradingView

The MACD is slightly negative, but it could move into a positive range. In addition, the price of VET/USD remains within the borders of the Ichimoku Kinko Hyo cloud. The future forecasts from this indicator are also not very promising.

The VET/USD pair will probably continue to trade in a descending channel in the coming days. In this case, a rebound from the channel’s lower border is likely after a short-term drop in value.

VeChain price analysis: Conclusion

The VeChain price analysis downtrend is still strong. VET prices are likely to continue falling in the coming days since sellers have control of the market at this time. If you plan to trade VET, it would be advisable not to open long positions or buy tokens now.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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