- VeChain trading at a crucial point, can the bulls survive?
- VET/BTC is currently trading at 0.00000253 btc with an intraday loss of 0.39%.
- VET/ETH is trading at 0.00003460 eth below the moving averages of 50, 100 and 200 with an intraday loss of 2.12%.
The bulls are trying hard to sustain with the price currently trading at 0.11501 USDT which is very close to the 50 and 200-day moving averages. This is a very crucial level to decide the momentum of $VET. The 100-day moving average is below the 50 and 200-day MA. If the price falls below the 50 and 200 day MA, we are likely to see a pullback to the 100-day moving average. This is a scenario in favour of the bears. There’s also a support line at the 0.09898 USDT level, which will also be an important level to watch out for.
The Moving Average Convergence Divergence (MACD) is also suggesting a bearish crossover. The MACD line has crossed the signal line and both are approaching towards the zero line. This is an indication of bearish momentum. If we see both the MACD and the signal line below the zero line, we are likely to see more bleeding.
The Relative Strength Index (RSI) is sliding below the neutral zone of 50, where it has more chances of sliding down to enter the oversold area. So, we might see more selling leading to further downfall in the price.
The Fibonacci indicator is suggesting immediate support at 0.11118 USDT. If the price fails to maintain above this support, 0.09898 USDT is a significant support. The resistance levels indicated by the Fibonacci are 0.12313 USDT and 0.14014 USDT.
The important support and resistance levels to look out for are:
Support: 0.11118 USDT, 0.09898 USDT
Resistance: 0.12313 USDT, 0.14014 USDT
The moving averages 50,100 and 200 will also act as significant support.
Takeaway: With most of the indicators favouring the bears, we might see a fall in price of $VET in the short run. The supports mentioned above will be very crucial, especially the immediate support suggested by Fibonacci.