Vechain price analysis: VET heads down to $0.072 as price takes a downturn

TL;DR Breakdown

• The Vechain price analysis is bearish today.
• Support for VET/USD is present at $0.070.
• Resistance is found at $0.078.

The Vechain price analysis is bearish as it shows VET/USD value has been reduced up to $0.072 today, as the bears have been availing chances for dominating the price function. The past week had been highly favorable for the bears as there was a constant downtrend. The price has come down to five months lowest level after 24th July, as the bearish trend is at its peak. The current scenario is not so supportive for the crypto pair as the price has been undergoing a gradual decline again since 5th January.

VET/USD 1-day price chart: bearish slide degrades the price to $0.072 level

The price is going down once again, according to the 1-day Vechain price analysis. The bearish momentum has come back, and the price has been decreased up to the $0.072 level in the last 24-hours. Although the price improved yesterday as bullish efforts were observed and a little increase in the price level was observed, today’s trend has been relatively unfavorable. The moving average indicator is showing its value at $0.081, which is quite higher than the current price level, hinting at the bearish pressure.

The Bollinger Bands Indicator is maintaining its average at $0.085, while its upper value is resting at $0.098, and the lower value has moved down to $0.072, just below the price level, hinting at an increase in volatility. The Relative Strength Index (RSI) is trading at index 33, traveling towards the undersold range. This is further confirming the downtrend that has been following since the start of the week.

Vechain price analysis: Recent developments and further technical indications

The four hours Vechain price analysis is showing signs of bearish momentum as the price has dropped down to $0.072. Generally, the last few hours proved crucial for the cryptocurrency as the price covered the downwards range at a fast rate. Now the price levels have receded down to five months low. The moving average is higher than the price and is standing at $0.076 at present.

The volatility has been increasing again, which means that further decline in the price may slow down as the volatility is still quite high. The upper and lower values of the Bollinger bands have changed as well. The upper band is now at $0.081 position, while the lower band is at $0.072. Also, the RSI score has moved down to index 35 as well because of the bearish trend.

Vechain price analysis conclusion

The Vechain price analysis suggests the price is following downward movement again as the bearish candlesticks are reappearing on the price charts. Both the hourly and daily predictions confirm a decline in price, as it has been reduced up to $0.072, and further downside is also expected in the coming hours.

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