VeChain price analysis: Bulls recover $0.6600 level eye $0.07000 next

TL;DR Breakdown

• VeChain price analysis suggests sideways movement across the short term chart
• The closest support level lies at $0.06500
• VET faces resistance at the $0.06850 mark

The VeChain price analysis shows that the asset’s price action has finally found bullish support to stop the bearish breakdown at $0.06500. Regardless, the bearish pressure still weighs on the asset’s price action as selling activity remains high. 

The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies observe negative price movements. Major players include LUNA and SOL recording an 8.34 and a 7.16 percent decline respectively.

VeChain price analysis: VET recovers $0.6600

Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. However, the indicator has observed a slight decline in its momentum as observed in the lighter shade seen in recent hours. Furthermore,if the VeChain price action recovers to the $0.06700 mark, the indicator would exhibit a bullish crossover.

The EMAs are currently trading low as VET observes a net bearish price movement over the past five days. The asset’s price was rejected at $0.071200 and the trend rejection caused a crash below the $0.6500 mark. Since then, the asset has made a stong recovery to the $0.06600 mark and shows potential for further upwards movement.

While the RSI was trading near the oversold region yesterday but now shows a slight return towards the mean position. The indicator has been trading low since April 6 when the rice crashed from the $0.8000 mark. At press time, the asset’s position leaves room for further downwards movement while the horizontal movement suggests a lack of momentum on either side. 

The Bollinger Bands were wide yesterday but now show steep convergence as the price action stagnates around the $0.06700 mark. Currently, the indicator’s bottom line provides support at the $0.06398 mark, while the mean line acts as resistance at the $0.06850 price level. 

Technical analysis for VET/USDT

Overall, the 4-hour VeChain price analysis issues a sell signal with 13 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only three of the indicators supports the bulls, showing low bearish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.

The 24-hour VeChain price analysis shares this sentiment and issues a sell signal with 10 major technical indicators suggesting downwards movement against seven indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing a mild bullish pressure across the mid-term charts. At the same time, nine indicators remain neutral and do not support either side of the market.

What to expect from the VeChain price analysis?

The VeChain price analysis shows that after finding strong bearish pressure at the $0.07175 mark which rejected the trend causing VET to fall below the $0.06500. While the price has recovered slightly since then, the bearish activity reversed the bullish activity of the past few days. At press time, the bulls and the bears are at a standstill as either side struggles for dominance.

Currently, traders should expect the VeChain price analysis to move sideways as while the sellers dominate the price action, there are signs of bearish exhaustion. As such the price action can be expected to hover between $0.06500 and the $0.7000 price level for the time being.