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VeChain is a supply-chain platform that is powered by blockchain technology. VeChain started operations in 2015 to solve some of the major issues with supply chain management. VET is the native governance token of the platform. Let us look at the technical analysis of VET.
Past Performance of VeChain
On September 18, 2021, VET started trading at $0.111. As of September 24, 2021, the closing price was $0.092. Thus, in the past week, the price has plummeted by roughly 17%. In the last 24 hours, VET has traded between $0.069-$0.075.
https://www.tradingview.com/x/nMvzG3ru/
VET Technical Analysis
Currently, VET is trading at $0.091. The price is down by approximately 7% from the opening price. Thus, the market looks bearish. Also, VET is forming a very crucial narrow range on the daily chart. A breakout from this level will confirm the trend for VET. But, a breakdown will confirm the bear trend and the price can test the crucial support level at $0.0835.
On the daily chart, the MACD and signal lines are in the negative zone. Moreover, a bearish crossover by the signal line over the MACD line can be seen. Therefore, the overall market momentum seems bearish, and we can expect a price to fall for the rest of the day. But, if the price sustains above the support level for a day or two. Then, chances for an upside movement are high.
The RSI indicator is at 38%. It is forming a bearish divergence. Thus, indicating that the selling pressures are slowly mounting. Hence, we can expect the price to fall.
Day-Ahead and Tomorrow
Currently, the VET price is trading below the Fibonacci pivot point of $0.106. As some of the oscillators have shown bearish signals, we can expect the price to fall below the first Fibonacci pivot support level of $0.091 soon.
The price has tested the FIB resistance level of $0.123. If the price rises from the FIB extension level in some time, this implies that the price uptrend is strong. In that case, the price is likely to rise.