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VeChain price analysis: VET/USD set to decline further in 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 reveals that the VET/USD pair has recently entered a decline. The value has recently moved away from a negative trend, plummeting significantly over the last several days, declining from $0.058 to $0.050 in the same time frame. On February 13, 2022, when compared with yesterday’s value, there was a change of -0.35%. If this trend continues, we may see VET reach $0.047 or lower by the end of the day.

Look at the resistance and support levels for VET. You will find that the value has reached its current price level after being rejected several times from both respective levels, the support being present at $0.058 and the resistance at $0.062. If trading against the US dollar, you should consider that this period of decline is likely to continue, given that both levels are currently supporting VET’s price drop.

VeChain price analysis for 1-day: Stable dynamics

The Vechain price analysis indicates that if trading in a bullish market, the first resistance point can be found at $0.062. Stronger resistance exists above that level, with a price of $0.0765, having been reached twice on January 28 and on February 08, 2022. If the current negative trend continues, we may likely see VET reach this point again today.

The trading volume is currently quite low, with VET’s value not moving in tandem with most cryptocurrencies. This may either mean that investors are staying away or that it is a sign that the price will soon begin to rise.

VeChain price analysis: VET/USD set to decline further in the next 24 hours 1
VET/USD 1-day price chart source: TradingView

The Vechain price analysis on TradingView reveals that if trading against the US dollar, you should consider that this period of decline is likely to continue given both the current resistance and support levels currently supporting VET’s price drop. If the price behaves similarly in a bullish market, the first resistance point is $0.062. Stronger resistance exists above that level, with a price of $0.0765 having been reached on January 28 and on February 08, 2022.

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: VET/USD set to decline further in the next 24 hours 2
VET/USD 4-hour price chart source: TradingView

The technical indicator Bollinger Bands indicates that we will see further downward movement in the value of VET today. The bands are squeezed tighter than usual, reflecting that volatility is very low and that the current trend is likely to continue. The future forecasts from this indicator are also not very promising.

In the days ahead, the VET/USD pair is expected to remain in a descending channel. After a short-term fall in value, a rebound from the channel’s lower border is probable.

VeChain price analysis: Conclusion

The VeChain price downtrend is still quite powerful. Because sellers have the market cornered, VET prices are expected to continue to fall in the coming days. It would be unwise to open long positions or purchase tokens if you intend on trading VET.

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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