- Vechain price forecast downtrend from $0.1248 to $0.1113 on Thursday’s trading session
- The 24-hour volume in VET is at $872.88 Million
- The VET/BTC pair was trading at 0.00000300 BTC with a loss of 4.17%
The daily technical chart of Vechain price action forecasts a downtrend. According to pivot points, VET’s critical support level is placed at $0.07660. Whereas if it moves up, the essential resistance level to watch is $0.1500. While diving into the chart deeply, it completes a Doji star candlestick pattern meaning both bulls and bears failed to gain control over the momentum.
The Ichimoku Cloud, combining lead 1 & lead 2 with a displacement value of 1. It plays as a pivot level and a head indicator in the asset price move. Investors may witness the price break below the green Moku Cloud and now test the red Moku Cloud, so until the value stays below the red Moku Cloud, it will assure a bearish trend in VET.
The MACD indicator gives (BULLISH) crossover above the signal line on May 31, indicating a buy signal in the coin. Moreover, Investors can see both the lines are getting closer to each other on intraday, which may lead to intersections once again. Also, faded tiny green bars are visible in the Histogram index.
The volume of (7.19M) showcases a low volume below the Volume MA (11.36M) of 20-days. Traders are directing low volume in the order book, resulting in the price level remaining in a lower region. Investors may also observe declining volume bars in the chart.
Vechain (VET) Price Action In Grip Of Bears
Vechain price traded at $0.1113 with a loss of 1.7% in the last 24-hour and 21.2% down in a week. Furthermore, VET plunges from the resistance of $0.1500. In contrast, market capitalization stands at $7.33 billion. Technically, investors can perceive a bullish crossover in MACD. The price is moving below the red Moku cloud. Hence low trading volume is directed than the 20 MA. Moreover, the price action can be towards the support of $0.07660.