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VeChain price analysis: VET/USD struggles to achieve stability at $0.0456

VeChain price analysis

TL;DR Breakdown

  • VeChain price analysis reveals a bearish market today.
  • VeChain price has fallen from $0.0480 to $0.0456 in the last 24 hours.
  • The overall cryptocurrency market has bearish sentiments
  • The market is not expected to achieve stability in the next few hours.
  • Further decrease in the price is expected.
  • Not the best time to invest for short-term profits.

Today marks an interesting day for the VeChain market. After staying bearish for 6 days, the market finally seems to be gearing up for recovery. However, the crypto market at large apparently has negative sentiments as seen in the crypto heat chart below:

VeChain price analysis: VET/USD struggles to achieve stability at $0.0456 1
Cryptocurrency heat map by Coin360

Bitcoin has reduced in value by 0.28 percent. On the other hand, Solana and Ethereum have reduced by 2.48 and 2.06 percent, respectively.

VeChain price analysis: VET/USD struggles to achieve stability at $0.0456 2
VeChain Price Chart by TradingView

Based on the 1-day VeChain price analysis, the market has followed a largely bearish pattern over the last 7 days. Today, the price has recovered slightly to $0.0457 after falling to $0.0449 yesterday. The RSI graph indicates a slight increase from 31.42 to 32.59 today with an increasing gradient. Further improvement can be expected but uncertainty is high due to the overall bearish sentiments in the market.

24-hours VeChain price analysis

VeChain price analysis: VET/USD struggles to achieve stability at $0.0456 3
VeChain Price Chart by TradingView

The 24-hours VeChain price analysis shows a downfall from $0.0480 to $0.0456. While the market had its ups and downs, the overall pattern was bearish. The RSI levels in the current hour are at 42.09 with a slightly decreasing graph, suggesting that the bears are not ready to let go. So, a higher momentum from the bulls will be required to achieve stability.

With a market volume to market cap ratio of 0.1181, VeChain currently has a market rank of 42. Furthermore, its trading volume has gone up by 0.30 percent in the last 24 hours with a decrease of 3.31 percent in the market cap.

VeChain price analysis 4-hour chart: Can VET/USD achieve stability in the next few hours?

VeChain price analysis: VET/USD struggles to achieve stability at $0.0456 4
VeChain Price Chart by TradingView

Even the 4-hour VeChain price analysis chart shows us a similar pattern. First, the market in the last 4 hours has been predominantly bearish. With that, the line on the RSI indicator has a slightly negative slope. Hence, the price may further fall slightly in the next few hours.

The histograms on the MACD analysis are also in the reds. So, achieving stability is unlikely in the next few hours, given the fact that both the RSI and MACD indicators suggest the opposite. While VeChain is not at its lowest right now, the bears have not given up just yet.

VeChain price analysis: conclusion

Currently, the bulls are trying to bring stability to the market. However, to achieve that, higher momentum will be necessary. For now, the bears have a stronger hold on the market and hence, a further decrease can be expected in the next few hours. It is not certain whether the bears will become exhausted soon. The uncertainty in the market is quite high. For now, a tug-of-war between the bears and bulls continues with bears having greater momentum.

In the meantime, consider reading our detailed crypto investment guide.

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.

Shummas

Shummas

Shummas is a technology enthusiast and a researcher with a keen interest in blockchain and Artificial Intelligence. He also loves playing games and music in his spare time to keep his creative juices flowing.

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