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VeChain Price Analysis: Continuing The Fall VET Coin Is Chasing The Lower Support Levels

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  • VET coin shows strong selling pressure in the market, pushing it down to the support level of $0.06
  • The VET/BTC pair was trading at 0.000002096 BTC with a loss of 18.95%
  • The current price of the VET coin stands at $0.061, with a 15.63% decrease in the past 24 hours.
Tradingview

Yesterday the VET coin showed strong selling pressure as the price dropped 25% in its intraday trading session, and in doing so, it has also broken a crucial support level of $0.08. Following up, the price shows no different mood today and is already 15% down, sitting at the $0.06 support level (FIB level of 0.786). Thus, investors can wait to see how the coin reacts at this level before taking entry into the market. 

About the EMA’s, the VET coin is trading below the critical EMA’s 20, 50, 100, and 200 indicating a strong bearish trend formation. In addition, investors can see that the 50 and 100 EMA are on the verge of giving a bearish breakout, and if the price moves lower so will the 20 and 200 EMA too.

The RSI (  STRONGLY BEARISH) current value is 29, indicating a strong bearish sentiment as it has entered the overselling zone.

VET Coin Crypto Chart In The 4hr Time Frame

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The 4hr time frame chart of the VET coin shows a highly reliable descending trendline leading the price right from the $0.14 level. As price continues to fall, this trendline could offer multiple short opportunities whenever the price reverses from this line. 

The MACD indicator (STRONGLY BEARISH) shows a bearish momentum in the price as both lines are moving lower in the overselling zone. In addition, the histogram is also showing rising red bars, confirming the bearish momentum.

Conclusion: From the technical perspective, the overall sentiment for the VET coin remains strongly bearish. As mentioned above the price is near the $0.06 support and Investors can grab a short opportunity if this level is broken or whenever the price goes back to the descending trendline to reverse from it.

Support: $0.06

Resistance: $0.08