VeChain Price Behaviour Over The Daily Chart

3 Agu

Over the last five months, VeChain (VET) has experienced consistent profit-taking, which resulted in a 56% decline in its price. Meanwhile, this downward trend has led to a spree of lower lows, followed by horizontal support levels. A significant change in character level was noted at $0.033, marking a crucial point for market participants.

Despite these several challenges, the VET price has managed to pierce through bear sentiment for a brief rally from the $0.02395 support level. However, it could not sustain the higher level gains at $0.033, which led to a renewed bear pressure.

This failure to maintain the breakout has indicated the continued volatility in VET and potential further downward pressure in its price in the near term. Similarly, the price has traded below the 50-day and 200-day EMAs for a longer period, which was followed by a death cross in the EMA bands.

Moreover, the indicators depict the bearish angle, as the MACD and the signal line also developed a death cross, with both metrics aimed into negative territory. The histograms on the charts were negative at 0.00052, indicating a bearish sentiment.

The RSI fell below the 50-level and the 14-day SMA, remaining below these levels for a prolonged period at 35.38.

Additionally, its Support levels for the VeChain (VET) are at $0.020 and $0.016, while resistance levels are at $0.033 and $0.043.