Bitcoin Fell Below $20K, Vechain Price Shows Positive Vibes Amid Sell-off

• VeChain Coin recovers costs amid unfavorable crypto market sentiments.
• At that point, VET price remained above the 200 hourly exponential day moving average.
• VET Crypto is up 9.3% with the bitcoin pair at 0.000001334 satoshis.

VeChain Coin seems to be stable during weak market sentiment. Bitcoin broke the key round $20,000 level in today’s intraday trading session. Due to this major breakdown, buyers started opening their long positions. As a result, the market is turning bearish and BTC is likely to sell more, which could put extreme selling pressure on the rest of the altcoins.

The VeChain Coin with USDT pair recorded an 80-day high on Nov. 8 at $0.2846. Thus as of press time the USDT pair is trading at $0.2643, with a 1.3% intraday drop. Furthermore, the VET crypto belonging to the bitcoin pair is up 9.3% on 0.000001334 satoshis.

Vechain on 4 Hours chart

On the 4 Hour chart, VET crypto price stays above the significant moving average of 200. This shows short-term price sustainability in asset value despite ongoing news flow in the market. Although, buyers struggled a lot to push digital assets above $0.215 key support level. As of now bulls have placed buying orders at $0.020 to $0.021 demand zone.

Market cap increased by 4.7% at $1.93 Billion overnight. Hence, trading volume hiked by 240% in the last 24 hours. Despite the recovery in VET values,  crypto price has fluctuated under the wide horizontal range of $0.021 to $.034 for the past 6 months. 

On daily price scale, Vechain price sustains above 20,50 and 100 exponential day moving average. After a long time, buyers successfully pushed values higher than 100 DMA, flipped in support. As of now, 200 DMA is the next approach. 

The RSI indicator suggests lower-highs and draws double top close to the overbought zone. If RSI slips below 60 mark, then all positivity may drain.

Conclusion 

Undoubtedly market sentiment is weak to invest money at the time. But the Vechain coin, looking out of the box, started moving higher from the key demand zone. Buyers must maintain a 100 Day moving average as a support. 

Support level – $0.025 and $0.020

Resistance level – $0.30 and $0.340

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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