- VeChain price analysis suggests sideways movement across the short term.
- The closest support level lies at $0.04500
- VET faces resistance at the $0.04600 mark
The VeChain price analysis shows that the asset’s price action was rejected at the $0.04600 mark and is headed back towards the $0.04500 support level as the bears take over.
The broader cryptocurrency market has observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include LUNA and AVAX with a 17.74 and a 7.14 percent decline respectively.
VeChain price analysis: VET falls back towards $0.04500
Across the technical indicators, the MACD is currently bearish as expressed in the red color of the histogram. For the past three days, the indicator has showed a low but steady bearish momentum as the VeChain price analysis observed a decay from the $0.04800 level to below $0.04600 where it currently trades. At press time, while the indicator shows a declining bearish momentum, there is low effort observed from the bulls.
The EMAs are currently trading low as the VeChain price analysis shows a net bearish price movement over the past five days. Furthermore, both of the EMAs are heading downwards at press time as the price falls to the $0.04500 mark. While not as noticeable, the 26-EMA is steadily closing up to the 12-EMA showing a drop in bearish momentum.
The RSI has been trading low near the oversold region since 5 May showing a bearish trend across the mid-term charts. The indicator is currently trading at 40.16 index unit level and moving horizontally. The indicator’s position leaves room for further downwards movement but the current slope suggests a lack of momentum on either side.
The Bollinger Bands were wide yesterday but now show sharp convergence as the VeChain price analysis makes a return towards the $0.04600 mark. Currently, the indicator’s bottom line provides support to the bulls at the $0.04392 mark while the mean line presents resistance at $0.04686.
Technical analysis for VET/USDT
Overall, the 4-hour VeChain price analysis issues a sell signal with 14 of the 26 major technical indicators showing support to the bears across the timeframe. On the other hand, only two of the indicators support the bulls, showing a low bullish presence in recent hours. Meanwhile, the remaining ten indicators sit on the fence and do not issue any signals at press time.
The 24-hour VeChain price analysis shares this sentiment and issues a sell signal with 15 major technical indicators suggesting downwards movement against only two of the indicators suggesting an upwards movement. The analysis reinforces the bearish dominance while showing little to no bullish pressure across the mid-term charts. At the same time, six indicators remain neutral and do not support either side of the market.
What to expect from the VeChain price analysis?
The VeChain price analysis shows that after failing to climb above the $0.05500 mark, VeChain price observed a sharp decay and the price fell down to lows of $0.04500. Despite the buyers trying to initiate a recovery to the $0.04600, the attempt was met with failure due to a lack of momentum.
Currently, traders should expect the VeChain price analysis to move sideways around the $0.045000 mark as the price action oscillates between the $0.04400 and the $0.04600 price levels. The technical analyses suggest a downwards drop below these levels to the $0.04000 mark.
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