- Vechain price after sharp profit-taking now indicates a sign of bottom out, as created a bullish candle over the monthly chart
- VET price after creating new 52-weak dropped sharply and also breached SMA of 20-day; However, now trying to defend it and recovering from lower levels
- The pair of VET/BTC made a similar kind of structure, currently standing at 0.000003496 BTC with an intraday drop of -3.46%
The Vechain price correction now seems to be over, as the price recovers from the low of $0.1330 due to strong selloff or profit-taking. Meanwhile, the coin is now successfully placed above significant moving averages of 20, 50, 100, and 200-Day. A short-term pullback is expected from the lower levels, healthier for upcoming bullish momentum. Similarly, the profit-taking or selloff from the higher seems to be over, as indicators suggesting over the chart. Support on the lower level is situated at $0.1600 and $0.1280. Likewise, the resistance on the higher side is located at $0.2400 and $0.2800.
Vechain price over the weekly chart at a 4-hour time frame indicates some relief, forming a stable chart pattern. After facing a strong selloff, the coin seems oversold sideways over the indicators. However, every dip is a buying opportunity as the overall trend is still bullish. While the volume over the chart is also good, the last 24-hours jumped nearly +72%, standing at $2,982,246,825. Presently VET price is trading at the level of $0.1862 with an intraday gain of +3.05%; the total market capitalization remains at 14th rank with an $11,991,950,016, an intraday gain of +3.02%.
Relative Strength Index (NEUTRAL) indicates upcoming neutral momentum while trading at 47.62. However, moving flat with such a sign of any big move suggests a flat or sideways trend.
Moving Average Convergence Divergence (NEUTRAL) currently indicates a sideways momentum on the daily chart, as it is trading with the significance of the buyer’s signal line (green) over the seller’s line (red). However, the crossover is not giving any significant momentum in any direction.
Support levels: $0.1600 and $0.1280;
Resistance levels: $0.2400 and $0.2800.