VeChain Price Analysis: VET Finds Support at $0.02200, Can Bulls Fight Back?
TL distribution; DR
- VeChain Price Analysis Suggests Recovery to $0.02600
- The closest support level is at $0.02244
- ADA faces resistance at $0.02696
VeChain price analysis shows that VET finally found support at the $0.02200 mark, which led to a significant decrease in downside pressure. However, the asset is unlikely to show a strong rally as trading activity remains weak in the near term.
The broader cryptocurrency market has seen bearish market sentiment over the past 24 hours, with most major cryptocurrencies seeing negative price movements. Major players include ETH and BTC, observing a decline of 17.29 and 14.89% respectively.
VeChain Price Analysis: VET Finds Support at $0.02200
The MACD is currently bearish, as expressed by the red color of the histogram. Moreover, the indicator is showing strong bearish momentum as observed in the high depth of the histogram. However, the indicator’s lighter hue suggests waning bearish momentum as price action finds support around the $0.0200 mark.
The EMAs are currently trading below the average position as the net price movement over the past five days remains negative. However, the VET market is finding support in the short-term charts and the EMAs are rallying with the 12-EMA taking the lead. At press time, the 12-EMA is converging with the 26-EMA as selling activity has diminished in recent hours.
The RSI had been trading in the neutral zone since May 30, with VeChain price volatility decreasing on the short-term charts. However, yesterday the indicator dipped into the oversold region. The indicator is currently moving higher as price action finds support at the $0.02200 mark. However, there is still strong downward pressure on VET markets.
The Bollinger Bands were tight until June 10, but then showed strong divergence as price action saw high volatility. Currently, the indicator is still expanding to facilitate the strong bearish activity. At press time, the lower boundary is providing support at $0.02244 while the middle line is showing resistance at $0.02696.
Technical analysis for VET/USDT
Overall, the 4-hour VeChain price analysis is giving a sell signal with 14 of the 26 major technical indicators supporting the bears. In contrast, seven of the indicators support the bulls showing a significant bullish presence in recent hours. At the same time, five indicators sit on the fence and do not support either side of the market.
VeChain 24-hour price analysis shares this sentiment and gives a strong sell signal with 16 indicators suggesting downward movement against a single indicator suggesting upward movement. The analysis reaffirms bearish dominance on the mid-term charts while showing little to no buying pressure for the asset on the mid-term charts. Meanwhile, nine indicators remain neutral and give no signal at press time.
What to expect from VeChain price analysis?
VeChain price analysis shows that after being rejected at the $0.03400 mark, the bulls were unable to generate momentum, and after struggling around the $0.0300 mark during the following days, the bearish momentum took over. However, the bulls are now finding support at the $0.02200 mark, and further downward movement is unlikely in the near term.
Traders can expect VET to see a sideways move as the downside pressure evaporates at the $0.02200 support level. Also, selling activity decreases as trading volume decreases. Traders should expect movement between $0.02200 and $0.02600, with room for further upside moves.