- The vet price is trapped in a whirlpool of downtrend movement across all time horizons. The bulls need to come forward as fast as they can.
- The crypto asset is moving below the 20, 50, 100 and 200 daily moving average.
- The VET/BTC pair is at 0.000001128 BTC with a loss of 2.20% in it.
VeChain (VET) is a versatile enterprise-grade L1 smart contract platform. VeChain exists to disrupt traditional business models, and is best known for its work in supply chain, an industry that has changed little over the decades.
The VET price after a long sideways trend is now facing bearish pressure and has been trapped in a tornado of downtrend movement over the daily graph. The coin needs its bulls to get over this downtrend movement and this needs to be done soon so as to prevent a coin from a collapse. The VET volume slumped 8% which is one the reasons for a price drop. The biggest dominator of the crypto market BTC is also contributing to the price drop by being bearish.
The price of one VET coin is currently trading at 0.021 USD with a loss of 8.26% in its market capitalization in the last 24 hrs. The coin has a trading volume of 111 million which is at a loss of 8.26% in the 24 hrs trading session and a market cap of 1.5 billion. The volume market cap ratio for VET is 0.07111.
Short-term Analysis
While analyzing the graph for a short term (4 hrs) we can observe a strong downtrend movement over the coin. If the situation continues soon the coin may hit its all-time low, while the investors are facing huge losses from now.
The technical indicator like MACD is strongly in favor of a downtrend movement ahead as the red histogram is growing and the sellers are dominating as the MACD signal line is above the MACD line currently. The relative strength index just broke the oversold mark and now finding this as a good chance to buy the dip the coin price may rise once again. The RSI value is below 30 currently.
Conclusion
The VET price after a long sideways trend is now facing bearish pressure and has been trapped in a tornado of downtrend movement across all time horizons. The VET volume slumped 8% which is one the reasons for a price drop. The technical indicators suggest a bearish movement further so the investors must be alert for the next move.
Technical levels
Resistance levels: $0.025 and $ 0.030.
Support levels: $0.0175 and $0.0141.
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.
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Source: https://www.thecoinrepublic.com/2022/06/30/vechain-price-analysis-vet-price-slumped-8-calling-bulls-for-support/