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VeChain price analysis: VET declines to $0.0304 after bearish movement

VeChain price analysis: VET declines to $0.0304 after bearish movement
TL;DR Breakdown
  • VeChain price analysis is bearish today.
  • The strongest resistance is present at $0.0336.
  • VeChain trading price is $0.0304 at the time of writing.

The VeChain price analysis shows that the price of VET/USD has followed a declining trend in the last 24 hours. The price has shifted towards an antagonistic movement, decreasing significantly, dropping from the $0.032 mark. The price appears to have experienced a big crash between June 1, 2022, and June 2, 2022, which caused the price to depreciate to $0.029 but then rose to $0.31 but continued to decline until it finally capped at $0.030. Moreover, the price has continued a declining movement today, on June 3, 2022. The current price of VET is $0.0304.

The cost of VET has been down 1.85% in the last 24 hours, with a trading volume of $147,400,265—ranking #33 in the cryptocurrency ranking with a live market capital of $1,939,278,571.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed that market volatility shows increasing dynamics, making the market vulnerability a priority. As a result, the cryptocurrency’s price will become more sensitive to unpredictable and unstable surges of volatile change. The upper limit of the Bollinger’s band is present at $0.033, which acts as a strong resistance for VET. Conversely, the Bollinger’s band limit’s lower limit is available at $0.029, representing the strongest support for VET.

The VET/USD price seems to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, the price path appears to be following a downward direction signifying a decreasing market. However, the market shows potential for further bearish opportunities, and bears might engulf the market soon.

image 67
VET/USD 4-hour price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 43, representing an undervalued cryptocurrency; the value is present under the lower-neutral region. Furthermore, the RSI appears to be following an upward approach that reflects the value of the cryptocurrency increasing and the dominance of buying activity.

VeChain price analysis for 1-day: Market squeezes tighter

The VeChain price analysis shows market volatility following a decreasing direction. 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 $0.33, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.028, 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 a downwards movement which may show reversal possibilities. If the market breaks the support, it will result in a breakout. Therefore a reversal will become imminent.

image 68
VET/USD 1-day price chart source: TradingView

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 40, which means that the cryptocurrency shows stable signs. VeChain falls in the devalued region. The RSI follows a downwards movement that reflects a decreasing market. The selling activity has exceeded the buying activity causing the RSI score to decline.

VeChain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with room for further bearish opportunities. The price dropped to $0.030 on June 3, 2022, and is currently stuck under the $0.047 mark. The current price of VeChain is $0.030. It seems the bulls have lost what control they had on the market; bears have engulfed the market.

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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