VeChain Price Analysis: VET Must Recover above the Downward Sloping Line

• VeChain Price is trying to surge towards the downward sloping line to register its breakout.
• The crypto asset is trying to recover till 20 EMA and aims for 50, 100, and 200-day Daily Moving Average.
• The pair of VET/BTC is at 0.000001145 BTC with an intraday gain of 2.45%.

VeChain price is trying to sustain at the verge of a negative sloping line over the daily price chart. The token is trying to surge over the daily price chart. VET bulls must accumulate themselves to successfully sustain at the negative sloping trendline. VET investors need to wait if VET bulls manage to sustain or get detained from the higher level. VET coin price must escape the descending pattern over the chart. The token must attract more buyers in order to register its breakout. 

VeChain price is presently CMP at $0.024 and has gained 5.31% of its market capitalization in the last 24-hour period. However, trading volume decreased by 3.28% in the intraday trading session. This shows that bears are trying to pull the token by putting selling pressure on the VET coin. The volume to market cap ratio is 0.07897.

VET coin price is trying to adapt to strong uptrend momentum but it looks like bulls are losing their grip over the token and it may fall back from the negative sloping line. VET coin must attract more buyers in order to escape the descending pattern. VET bulls must accumulate at a significant rate to avoid being trapped again inside the short-seller clutch. However, volume change can be seen below average and needs to grow for VET to register its breakout. 

VET Bulls Sustain or get Detained

VET coin price has been falling below a negative sloping line over the daily price chart. The token is trying to attract buyers to escape the pattern. However, bulls falter to provide support at the moment and VET may get detained from the current level in the intraday trading session. VET coin is currently trading under circumstances of make-or-break, and it looks like VET may break from the current level if bulls fail to sustain at the downward sloping line. 

Technical indicators, on the other hand, signify the long-term downtrend momentum of the VET coin below the downward sloping line. Moreover, the supertrend forecast the bearish momentum of the VET coin below the downward sloping line.  The relative Strength Index showcases the VET coin’s bullish approach toward the negative sloping line. RSI is at 39 and VET investors need to wait for any directional change over the daily chart.

MACD exhibits the bullish momentum of the VET coin. The MACD line is just below the signal line and is approaching the signal line to register a positive crossover. However, MACD is about to signal anything by a crossover, bears are trying to interrupt the momentum and VET may get detained. 

Conclusion

VeChain price is trying to sustain at the verge of a negative sloping line over the daily price chart. Volume change can be seen below average and needs to grow for VET to register its breakout. VET coin is currently trading under circumstances of make-or-break, and it looks like VET may break from the current level if bulls fail to sustain at the downward sloping line. Technical indicators, on the other hand, signify the long-term downtrend momentum of the VET coin below the downward sloping line. MACD is about to signal anything by a crossover, bears are trying to interrupt the momentum and VET may get detained. 

Technical Levels

Support Levels: $0.019 and $0.012

Resistance Levels: $0.025 and $0.035

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.  

ALSO READ: Crypto Entity MoonPay To Roll Out NFT Platform, Collabs With Universal, Fox

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)