VET/USD set to break below the intraday lows of $0.0737

TL;DR Breakdown

• VeChain price analysis is bearish.
• The strongest resistance is present at $0.0891.
• VET/USD is currently trading at $0744.

The VeChain price analysis reveals that the price of VET/USD has seen dramatic changes in recent days. The value briefly surpassed $0.0800 on January 16, 2022, dropping to $0.0780 the same day. Today, the price plummeted further, losing more money today, and came to $0.0725. The price of VET/USD is currently trading at $0.0744, and my forecast for this cryptocurrency is bearish. When the market struggles to recover, you need to be extra cautious in such situations as VET/USD. My advice would be not to trade it right now, especially if you’re a newcomer.

The most important resistance level on the four-hour chart is near $0.0891; there was little interest in this area yesterday. If the bulls break through this resistance level, they will face another obstacle: the distance from the current price until $ 0.10000. If they manage to break through that level, they will have a chance of going even further and reaching $0.11111 in the short term.

VeChain Price Analysis for 1-day: Market enters a squeeze

The price of VET/USD is now $0.0744, which doesn’t seem like a significant loss, but my reasoning is based on the fact that this cryptocurrency is pretty bearish right now, and if we take into consideration what happened in previous days, it would mean that most traders lost money because there was not enough volume to appreciate the price of VET/USD.

The price of VeChain fell on Monday, reaching the level of $0.0800; however, it quickly started rising again. The bulls were able to push back up, reaching a high of $0.0803, but that didn’t last long as the price fell again within one hour, at press time being traded at $0.07983. I do not doubt losing money with VET/USD right now considering how bearish this cryptocurrency is especially taking into consideration the fact that there’s not enough volume for VET/USD right now, which means that even if traders are interested in buying more of this currency, it would be hard for them do so first obtaining some more funds on their token wallets.

VET/USD 4-hour price analysis: Recent price developments

On the four-hour chart, you can see that the price of VeChain is currently being traded at $0744. I have been using this cryptocurrency to learn about technical analysis for a few months now. Although it’s very bearish right now, I still think that the price would rise again later on in the short term if there isn’t any negative news affecting it.

The VeChain price analysis indicates that the Relative Strength Index (RSI) is 43, which places the cryptocurrency as neither a buy nor sell territory. The bears presently control the market. The RSI appears to be taking a linear path, indicating that the value of the cryptocurrency is gradually increasing. Because buying and selling are equal, the RSI score remains static.

Vechain Price Analysis: Conclusion

The VeChain price analysis finds that the cryptocurrency is in a bearish trend with plenty of room for further decline. On January 16, 2022, the price reached $0.0798, but it has recently struggled even at the $0.0780 level. In addition, the value has been bouncing around significantly. The current market price of VeChain is $0.0770 per unit.

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