VET/USD pair bearish for the next 24 hours

TL;DR Breakdown

• VeChain price analysis is bearish today.
• The strongest resistance is present at $0.067.
• VET/USD pair is presently trading at $0.055.

VeChain price analysis reveals that the VET/USD exchange rate has been following a fluctuating pattern in recent hours. The value has moved away from an adversary move, dropping significantly, falling to $0.058.

The price appears to have suffered two declines in a row. On February 16, 2022, the price decreased to $0.058 before exploding to $0.62 on the same day, but it then dropped the next day until it finally capped at $0.058, after which there was a modest upward movement that drove the price up to $0.067.

At the time of press, the value is at $0.059, which represents a drop of 0.40%. However, it is expected that this exchange rate will rise again before the day ends, as some traders are expressing their optimism about VET’s future prospects for this month.

Currently, VET/USD is trading below the 34-period MA which is now located at $0.063 and it has resistance at $0.067. To overcome this said hurdle and push for upward movements, VET will require sufficient momentum and volume backing its moves.

VeChain price analysis for 1-day: Bearish correction continues?

The 5-day SMA is above the 10-day MA, showing that the bullish momentum might be about to take over after the market climbs up. The current level of $0.059 may act as resistance before another drop in price occurs, dropping it down even more towards $0.050 where the strongest support is present.

VET/USD 1-day price chart source: TradingView

The most important resistance is present at $0.077 and it presents a barrier that prevents the VET/USD exchange rate from moving up for now. The price has dropped to test this resistance multiple times, but each time it fell just before touching it as if waiting for a strong enough push to overcome this said hurdle.

The downwards trend might be continuing because the market has been experiencing a bearish pattern. However, the current price of $0.059 shows that VET/USD is not going down much more at this moment due to a lack of momentum behind the market’s moves.

VET/USD 4-hour price analysis: Latest developments

The four-hour price analysis chart for VET/USD shows that the price is following a slow downwards pattern, but it seems to have entered a range-bound state which could be broken up if there is an unexpected surge in volume.

VET/USD 4-hour price chart source: TradingView

At the time of press, the price is at $0.059 and appears to be going down slightly as it faced resistance from a downtrend channel, which might break and allow for an increase in price. If this downtrend is broken up by a sudden surge in volume, we could see the price go down even more to $0.056, but it won’t reach there unless there is another small drop first.

The MACD on the four-hour graph shows that the level is almost 0, which means that there is no strong bullish or bearish momentum and this might be a sign that bears are retreating.

Vechain Price Analysis: Conclusion

The VeChain price analysis indicates that the cryptocurrency is in a bearish trend with more potential for decline. February 17, 2022, marked the day when the price dropped to $0.059, remaining stagnant near this level ever since. The current price of VeChain is $0.059. It appears that the bulls no longer have control over the market.

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