Will VeChain Bounce Back or Break Below?

VET is the cryptocurrency that powers the VeChainThor blockchain. It acts because of the price switch and network gasoline for the VeChainThor blockchain. People who own VET can vote on how the blockchain is administered, join the PoA consensus mechanism, and earn VTHO tokens as rewards.

VTHO is comprised of VET at a set charge and is used to pay for the price of jogging clever contracts and transactions on the blockchain. VET proprietors also can get admission to different financial services such as staking, lending, and trading on other platforms. VeChainThor is designed to be one of the main public blockchains, and VET is a key element of this machine.

VET is trading at $0.02953214 with a volume of 83.269 million. This company has a market cap of 2.147. Its circulating supply of 72.715 Billion and a fully diluted market cap of 2.539 Billion.

The crypto had a poor performance this year, as it gave a return of 13.60% to its investors since the beginning of the year. However, recently, the crypto has shown signs of weakness, as it failed to break above the upper resistance level. Crypto is also trading below the dynamic support.

VET Crypto Technical Analysis

According to the technical chart, VET took a sharp rejection from the upper trendline and broke the 20 EMA line. Moreover, the price was currently heading toward the 50 SMA line.

MACD breached the middle line and headed downwards. MACD line (0.00012387) is beneath the signal line (0.00112181) demonstrating bearishness in the crypto.

On the 4-hour charts, VeChain crypto is on the verge of a breakdown, which registers when the price trades below key moving averages. However, buyers are accumulating the crypto by defending it from the support line.

The RSI shows the sellers’ presence. The RSI curve is floating near 40, which indicates that the crypto is oversold. It could be a sign that buyers are starting to lose control of the crypto. However, the RSI is still near the neutral zone, so it is too early to say for sure that a breakdown is imminent.

MACD shows bearish momentum. The MACD indicator is negative and keeps showing red bars on the histogram. This suggests that the momentum in the crypto is bearish. However, the MACD is not yet in the oversold zone and it is possible that the crypto could stage a rally before breaking down.

Conclusion

VeChain crypto price is heading downward breaking 20 EMA and towards 50 EMA. Most trustworthy technical indicators like MACD and RSI are indicating a downtrend in VET price. VeChain Investors avoid the FOMO (fear of missing out). Scarcity is constructed in the crypto market to gather more investors and creditors. It is more suitable to maintain it at arm’s length as this may result in one of the emerging causes of market volatility.

Technical Levels

Support Levels: $0.02715289.

Resistance Levels: $0.03237970.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.