- Vechain price breakdown from the rising channel pattern and falls below Short term moving averages of 20 and 50-day
- Presently, the coin slipped below the vital short term moving averages of 20 and 50-day while holding major averages of 100 and 200-day
- The pair of VET/BTC is trading at 0.000003624 BTC with an intraday loss of -2.89%, while VET/ETH is also trading negatively with an intraday loss of -2.10% CMP at 0.00004888 ETH
Vechain price over the monthly chart is trading inside the rising channel pattern while defending the 20-day moving average; however, after a weak market sentiment, the VET price broke down from the rising channel pattern and slipped below 20 and 50-DMA. Moreover, the coin is now trying to defend the 50-DMA and witnesses a temporary pullback. Presently the coin is trading above the major moving average of 100 and 200-day while attempting to defend 50-DMA. Support on the lower side is at $0.1570 and $0.1290; likewise, levels of $0.2160 and $0.2540 will act as resistance.
Weekly Chart Projecting a Bearish Trend
Over the weekly chart, Vechain price projects a bearish trend and makes a lower high and lower low. However, after a massive selloff, the coin is presently trading near the oversold territory, and the coin can experience a short-term bounce or pullback. At the same time, the technical parameters are in favor of bears and continuously showcasing weakness. Currently, VET is trading at $0.1780 with an intraday loss of -13.76%, and the volume witnessed a sharp jump of +81.27%, standing at $3,060,038,990. Similarly, the total market capitalization drops by -13.41%, standing at $11,400,965,350, while maintaining 17th rank.
Relative Strength Index (BEARISH) indicates bearish momentum while trading at 35.62. However, after a sharp selloff, VET can see some pullback from lower levels, and RSI also reached near the oversold territory.
Moving Average Convergence Divergence (BEARISH) currently indicates a bearish trend on the daily chart as it is trading with the significance of the seller’s line (red) over the buyer’s signal line (green) with no sign of recovery.
Support levels: $0.1570 and $0.1290
Resistance levels: $0.2160 and $0.2540
