VET/USD set surpass intraday highs

TL;DR Breakdown

• Vechain price analysis is bearish today.
• VET/USD is currently trading at $0.0789
• The strongest resistance is present at $0.971.

VeChain price analysis is bearish while the market is in consolidation mode. VET/USD price is currently trading at $0.079 and has seen a 3 percent sideways movement over the past 24 hours.

This seller’s domination can be explained by the high selling volumes witnessed during this particular period. The market has since noted a correction and is now set to test the $0.082 price level as resistance before it can continue on its bull run for some time, making this a perfect opportunity for investors looking to add VET/USD in their portfolios.

The VET/USD daily chart’s candlestick pattern is likely to form a bullish engulfing pattern that a long-awaited breakout could follow. This may increase volume and more volatility, higher highs, and higher lows for the next few days.

Looking at its weekly chart, you can note that today’s bulls had made a quick rebound, with VET/USD price reaching the top of the ascending parallel channel. This is likely to drop shortly but could be followed by an increase in volume, which will probably yield a breakout.

VET/USD weekly chart is also likely forming a bullish engulfing pattern. Similar to its daily counterpart, VET/USD may reach higher highs and higher lows for some time before it comes back down again.

VET/USD price movement in the last 24 hours: VET/USD is highly volatile today.

VET/USD is now expected to perform poorly for the foreseeable future, as per our Vechain price analysis. However, this is subject to change, depending on upcoming news and developments of the project. Please stay tuned for our latest updates.

The 15-day Exponential Moving Average has given a weak buy signal. In contrast, the strength of that buy signal only acts as an indication of bearish price action rather than being strong enough to be considered bullish. This means there is still a substantial likelihood of price depression over the next couple of days.

The bearish trend in the Vechain price analysis continues with a weak buy signal. The current technical indicators are mixed, but on the whole, they favor further downward movement within the next 24 hours.

VET/USD 4-hour Price Analysis: Technicals are bearish on VET

The MACD is below the signal line, which is likely to continue moving in a downward trend as sellers have outnumbered the buyers. The Bollinger Bands show that the volatility of this cryptocurrency is expanding while market volatility remains at elevated levels. This suggests bearish prices over the next 24 hours, although there is a very slim chance for bearish positions to break upward under these conditions.

The RSI has dipped below 50, indicating that selling pressure is more potent than buying pressure on the market. The Commodity Channel Index (CCI) remains negative – suggesting that downward momentum will continue moving forward. Therefore, traders should look for short-term entry opportunities on every strong dip as long as these conditions remain. VET’s support level lies at $0.0771, while its resistance lies at $0.0971.

Vechain Price Analysis: Conclusion 

VET/USD is currently trading at $0.0799 after a 7percent price dip over the last 24 hours is in VET/USD are being used by traders to establish short-term position sipping below $0.0771 will push this cryptocurrency into an uncharted territory where the only buyers are those making high-risk, high-return purchases.

A significant price movement upward is not expected to be initiated any time soon – or within the next few days at least.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.