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VeChain price analysis: VET gains value at $0.0598

VET

TL;DR Breakdown

  • VeChain price analysis is bearish today.
  • The strongest resistance is present at $0.0875.
  • The trading price of VeChain is $0.0598.

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 $0.0600 mark. However, the market’s direction is bearish; the cryptocurrency appears to move upwards. Today, on April 12, 2022, the cost of VET has been up 7.32% in the last 24 hours, with a trading volume of $343,989,300. Hence, being #35 in the cryptocurrency ranking with a live market capital of $3,825,222,404.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis revealed market volatility following an opening movement, closing the market, making the cryptocurrency’s price more vulnerable to volatile change on either of the extremes. The resistance and support bands appear to be moving apart from each other, indicating increasing volatility. The upper limit of the Bollinger’s band is present at $0.0705, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.0565, representing the strongest support for VET.

The VET/USD price crosses under the Moving Average curve, indicating a bearish trend. Furthermore, the price path appears to follow an upward direction towards the resistance. Finally, the price might cross the moving average and reverse the market entirely.

VeChain price analysis: VET gains value at $0.0598 1
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 34, representing an undervalued cryptocurrency; the score falls below the lower neutral region. Furthermore, the RSI appears to be following an upwards approach that reflects the value of the cryptocurrency increasing and the dominance of buying activity.

VeChain price analysis for 1-day: Market moves downward

The VeChain price analysis shows the market experiencing an extremely volatile market, which is closing, increasing 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 $0.0875, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.0531, representing the strongest support for VET.

The VET/USD price crosses under the Moving Average curve, indicating a bearish trend. Furthermore, we can observe the price path following a downward movement, which may mean bearish momentum can be resurrected. Moreover, the price is gaining negative momentum and moving towards devaluation.

VeChain price analysis: VET gains value at $0.0598 2
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 45, which means that the cryptocurrency shows sable signs. VeChain falls in the lower neutral region. The RSI follows a slight upwards movement that reflects a slightly increasing market. The buying activity is starting to exceed the selling activity causing the RSI score to experience an increment.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive room for bullish activities. The price reached $0.0598 on April 12, 2022, and is currently moving towards the $0.0600 mark. The current price of VeChain is $0.0598. It seems the bears control the market, but the bulls are showing good dynamics so that the market can be reversed at any time.

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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