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VeChain price analysis: VET demonstrates bullish potential at $0.059

VET

TL;DR Breakdown

  • VeChain price analysis is bearish today.
  • The strongest resistance is present at $0.067.
  • Trading price of VeChain is $0.059.

The VeChain price analysis shows that the price of VET/USD has followed a strong upwards trend in the last 24 hours. The price has continued a positive movement, increasing significantly, barely shying away from the $0.061 mark. Although the market’s direction is bearish, the cryptocurrency appears to move upwards. Today, on February 16, 2022, the cost of VET has been up 3.81% in the last 24 hours, with a trading volume of $243,599,616. Being #41 in the cryptocurrency ranking with a live market capital of $3,861,240,184 and a circulating supply of 64,315,576,989 VET coins.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility following an increasing movement, opening the market significantly, which means the cryptocurrency’s price has become more vulnerable to volatile change on either of the extremes. The resistance and support bands appear to be moving away from each other, indicating increasing volatility. The upper limit of the Bollinger’s band is present at $0.061, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.053, 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 follow a downward direction towards the MA curve. Finally, the price might cross the curve and reverse the market entirely, giving way to increasing volatility, which shows signs and opportunities to the bears.

VeChain price analysis: VET demonstrates bullish potential at $0.059 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 downwards approach that reflects the value of the cryptocurrency decreasing and the dominance of selling activity.

VeChain price analysis for 1-day: Indecisive Market

The VeChain price analysis shows the market experiencing a squeeze, which is getting tighter declining the volatile properties of the market. 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 $0.067, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.048, 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 an upward movement, which may mean bullish momentum can be resurrected. Moreover, the price is gaining momentum and moving towards a stable position to anchor itself.

VeChain price analysis: VET demonstrates bullish potential at $0.059 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 47, which means that the cryptocurrency shows stable signs. VeChain falls in the lower neutral region. The RSI follows a downwards movement that reflects a slowly decreasing market. The selling activity is starting to exceed the buying activity causing the RSI score to decrease.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive bullish opportunities. The price has reached $0.059 on February 16, 2022, and is currently moving towards the $0.061 mark. The current price of VeChain is $0.059. It seems the bears control the market, but the bulls are showing promising dynamics.

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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