VeChain price analysis: VET struggles at $0.064

TL;DR Breakdown

• VeChain price analysis is bullish today.
• The strongest resistance is present at $0.065.
• VET currently trades at $0.063.

The VeChain price analysis shows that the price of VET/USD has followed a downwards trend in the last 48 hours. The price has shifted towards an antagonistic movement, decreasing significantly, dropping from the $0.069 mark. The price appears to have experienced two consecutive crashes On February 8, 2022, which caused the price to depreciate to $0.063 from the $0.069 mark, continued to decline on the same day until it finally capped on $0.061, which was followed by a slight positive movement which caused the price to increase to $0.064. Moreover, the price has remained constant today, on February 9, 2022. The current price of VET is $0.063

The cost of VET has been down 2.73% in the last 24 hours, with a trading volume of $279,566,863—ranking #38 in the cryptocurrency ranking with a live market capital of $4,083,747,634.

VET/USD 4-hour price analysis: Latest developments

The VeChain price analysis has revealed market volatility showing dormant dynamics, making the market consistency a priority, which means the cryptocurrency’s price will remain constant until the volatility starts to fluctuate on either extreme. The upper limit of the Bollinger’s band is present at $0.069, which acts as a strong resistance for VET. Conversely, the Bollinger’s band limit’s lower limit is available at $0.058, representing the strongest support for VET.

The VET/USD price seems to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, the price path appears to be following a downward direction signifying a decreasing market. However, the market shows potential for further bearish opportunities, and bears might engulf the market soon.

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 54, representing a stable cryptocurrency; the value is present in the upper neutral region. Furthermore, the RSI appears to be following a downward approach that reflects the value of the cryptocurrency decreasing and the dominance of selling activity.

VeChain price analysis for 1-day: Market closes

The VeChain price analysis shows market volatility following a decreasing direction. This means that VET/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $0.065, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.046, representing the strongest support for VET.

The VET/USD price seems to be crossing over the Moving Average curve, indicating a bullish trend. Furthermore, we can observe the price path following a downward movement which may indicate stability. However, if it gets out of hand,, the price might further depreciate into the undervalued region.

The VeChain price analysis reveals that the Relative Strength Index (RSI) is 51, which means that the cryptocurrency shows stable signs. VeChain falls in the upper neutral region. The RSI follows a linear movement that reflects a consistent market. The buying activity has equaled the selling activity causing the RSI score to remain constant.

Vechain Price Analysis Conclusion

The VeChain price analysis concludes that the cryptocurrency shows bullish momentum with bearish opportunities. The price has dropped to $0.061 on February 8, 2022, and is currently stuck under the $0.065 mark. The current price of VeChain is $0.064. It seems the bulls are losing what control they had on the market; bears might soon engulf the market.

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