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•VET/USD is currently priced at $0.055 and is down by 8.01% over the past day
•The trading volumes have increased by 12.73%
•The technical indicators suggest bearish momentum prevalent in the market
Short Term View: VeChain on the wane,validated by technical indicators
The VeChain price today is $0.055561 USD with a 24-hour trading volume of $296,365,337 USD. Friday saw the investors resume their defensive posture as the appetite for high-risk assets such as cryptocurrencies tumbled, and bled the market dry. VeChain is down 8.01% in the last 24 hours. The trading volumes have increased over the past day which suggests increased investor activity. But on the other hand,the Volume to Market Cap Ratio stands at 0.08294.
April 17,2021 marked the all time high for VeChain prices as it reached $0.2782 ,a level it has been trying to reclaim ever since but which remains elusive. VeChain gave in to the selling pressure and currently trades below the 20 and 50 SMA, which suggests that momentum is on the bears’ side. If the downturn continues, the coin is likely to find support at $0.049 while the support would be found at $0.060,which seems a long way off.
Long Term View
The technical indicators for Vechain suggest a bearish outlook for the near term. The RSI stands at 43.11 which suggests the coin is in a neutral region. The MACD indicator further reiterates the bearish sentiment, as a bearish crossover is about to happen on the daily chart which would provide more ammunition to the bears. The histograms are weakening and are about to enter the negative territory which suggests the bearish momentum is likely to last for a while.
Conclusion
The past few days have seen Vechain prices take a beating and shed a lot of it’s value. Every time Vechain tried to surpass the resistance, it was met with sound rejections.The last three retests resulted in a consolidation between this hurdle and a support level at $0.049.It will be interesting to see if VET will continue with this consolidation, or plunge deeper. However, if bulls are able to provide support,a breakout from this sideways bracket could occur, likely to be followed by a massive spike in buying pressure.
Support:$0.049
Resistance:$0.060