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VET

VET Breaks Key Support Below $0.032 – Bearish Trend Imminent?

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Altcoins
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

VeChain (VET), a leading blockchain platform known for its supply chain and logistics solutions, has recently experienced a significant price movement. The cryptocurrency has broken below the critical support level of $0.03289, a development that signals the persistence of its ongoing downtrend.

This breaking of support is a bearish sign, indicating that there is still a lot of selling pressure and that more drops could be on the horizon. A number of causes, including general market conditions and particular difficulties facing the VeChain ecosystem, have contributed to the price decline of VET.

Currently, the price of VET is down by -0,61%, trading at about $0.03266, with a market capitalization of over $2.3 billion and a trading volume of over $88 million as of the time of writing. Although its market capitalization is down by 9.28%, its trading volume is up by 36.06% in the past day.

In this article, we are going to dive into what could be VET’s next price destination with the help of indicators.

VET Price Analysis Using The 100-Day SMA And RSI Indicator

The price of VET is currently trading below the 100-day Simple Moving Average (SMA) on the 4-hour chart, following a steep decline that saw it breach the $0.03289 support level. This break of this key level might signal a further decline in prices.

VET

Also, given that the Relative Strength Index (RSI) line is trending below 50% after making a sharp drop below it, the RSI indicator indicates that the crypto asset might continue in its bearish direction.

An observation of the chart from the daily time frame reveals that VET is currently bearish and might continue to be bearish based on the drop in price on the previous day. In addition, the asset’s price is also trading below 1-Day SMA.

VET

Lastly, the 1-Day RSI also confirms that the coin might continue in its bearish direction as the RSI line is trending below 50% making a move toward the oversold zone.

Prospects For VeChain’s Future

Based on price analysis and what the RSI indicator is suggesting, if the price of VeChain continues to decline, it might trigger a move toward the $0.03267 support level. If it breaks this level, it may even decline further to test the $0.01820 support level.

On the other hand, VeChain’s price will start to head toward the $0.03802 resistance level if it decides to move higher at this point. It will advance further to challenge the $0.04303 resistance level if this level is broken. Furthermore, should it break past this level, its price can increase even further to reach new heights.

VET
VET trading at $0.03244 on the 1D chart | Source: VETUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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