cryptonewsland.com
- VeChain holds support above $0.023, with the potential for a 100% price increase if sustained.
- The RSI at 35.68 and MACD line at -0.00009 show mixed signals for VeChain’s future movement.
- VeChain’s price remains stable at around $0.02397, with market capitalization at $2.06 billion and 24-hour volume at $68.6 million.
After a continued week of bear dominance, VeChain (VET) is showing potential for a substantial move if it maintains support above 0.0230. A sustained hold above this key level could provide significant momentum, paving the way for more than a 100% price increase.
VeChain Potential for Gains if Key Level Holds
The current support level of 0.0230 has become crucial for VeChain’s price action. Failing to hold this level may result in a downturn, but maintaining it could lead to notable gains. If VET holds above the 0.0230 level, the potential for a significant upward movement becomes more likely.
According to market analyst observation, A clear upward trend is visible from early 2023 to mid-2023. The price declined, bottoming out in early 2024, with multiple support levels marked by pink arrows.
A significant surge in trading volume coincided with the price peak in mid-2024. The market trend shows signs of stabilization along the support level, with expectations of potential upward movement to a resistance point, reaching approximately 0.0077.
Technical Indicators and Current Market Performance
Tracking the technical indicator movement, the VeChain (VET) chart on Tradingview shows the token facing bearish pressure, as indicated by the RSI and MACD indicators. The RSI is currently at 35.68, suggesting that VeChain is in a neutral to slightly oversold condition.
However, it is not in this range that is usually considered as indicating an impending turn, especially once the RSI crosses the 30-bar line. Some more evidence of bearishness is seen in the MACD indicator, with the MACD line at -0.00009 and the signal line at -0.00263.
The negative histogram values emphasize this bearish trend, with no immediate signs of a bullish crossover. According to CoinMarketCap data at the time of press, price stands at $0.02397, reflecting a minor 0.39% increase.
The 24-hour trading volume is $68.6 million, which represents a decline of 10.41%.
The market capitalization is currently $2.06 billion, with a circulating supply of 85.98 billion VET tokens. The price showed a mix of upward and downward movements throughout the day, with small fluctuations around the $0.0239 range.