VeChain analysis shows that VET prices are moving in a sideways direction over the past few days.
- VET prices have been moving sideways in recent days
- VeChain price fluctuating in the $0.02 and $0.027 range
- VET prices are down 0.5%
The prices are trading at $0.02412, a critical support level, which indicates a mild bullish bias. Prices are currently rejected at $0.02474.
VET trades at $0.02491 as of writing. This is a 0.5 percent decrease in value over the past 24 hours.
The low volume spike was actually a ruse. The VET cryptocurrency’s price has begun to fall again. It seems that the current price fluctuates between $0.0227 to $0.027. This area has been a great place to accumulate since June 2022.
The trend in cryptocurrency is downwards after Jerome Powell (the chairman of the US Federal Reserve) made some cautious comments. Selling pressure has been exacerbated by the recent downtrend in Ethereum and Bitcoin’s prices.
VET/USD Trades Above 200-Day MA
CoinMarketCap reports that there are a total of tThe VET/USD price chart shows that the pair has moved sideways in the past four hours. There has been a wide range in the price between $0.02412 – $0.02474.
The VET/USD traded above its 200-day moving mean, suggesting a minor bullish bias.
The RSI indicator has risen to 70 and is currently in excess. Prices have greater potential to increase because the RSI line is open to more growth. Current movement of the MACD indicator towards positive is upward.
Prices may increase in the future as a result of a crossing of the MACD line. Prices will rise as long as they remain at $0.02474.
The VeChain price analysis shows that the bulls attempt to drive prices higher following a consolidation period. Although bulls have not been able to drive prices higher, recent market movements seem encouraging. Prices could soon move to $0.03250, if $0.02474 becomes the resistance.
RSI suggests VeChain is crossing overbought zones
In the meantime, prices could drop to $0.02412 if the MACD indicator crosses into a bearish zone. MACD indicators are on the brink of moving into the bearish area. The RSI indicator, which is overbought at the moment, can indicate that a correction of the price may be imminent. Because the MA lines lie close together, any crossover in prices can cause them to shift either way.
As per VeChain’s price analysis, as long as prices are over $0.02474 in the near future, they are predicted to rise further. According to the technical indicators, the market is in bullish territory at the moment. The digital asset seems poised for a higher rise.
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VET market capital at $1.8 Billion according to the Daily Chart | Source: TradingView.com Featured image taken from MotivationGrid. Chart from TradingView.com