- The trading volume in the last 24hr at the time of writing this article is -10.37%
- The price of VET/BTC and VET/ETH at the time of writing this article is 0.00000228BTC and 0.00003246ETH
- The price is near the resistance in the daily chart time.
LONG TERM VIEW:-
When looking at the daily chart time interval we can see that the price of VeChain is near the resistance and with the huge volume of sellers pushing the price down. Looking at the technical indicator we can see that the MACD is showing a red histogram, meaning the MACD line is below the signal line which is bearish but we can also see the MACD line is changing its direction so we can expect an intersection soon. In addition to that we can see the RSI is in the neutral zone near 43, meaning the price can go up or down. In the end we can see Moving average, the 20MA and 50MA is above the 100MA but the 20MA has already crossed the 50MA in a bearish movement.
SHORT TERM VIEW:-
What we saw in the daily chart. we can see a total opposite of that in the 4hr time interval. As the MACD is showing green histograms which tell us that the MACD line is above the Signal line and there is no sign of the line changing there direction. Having said that we can see that RSI is also in the neutral zone near 50 and it is pointing towards the oversold zone (30). Lastly we can see the Moving average as the 20MA is below the 50MA and both are below the 100MA but we can see that the 20MA is changing its direction and heading towards the 50MA which shows a change in the sentiment of the people.
CONCLUSION:-
Looking at the both daily and 4 hr time frame we can see that there is a bearish trend in the daily chart as the opposite of that in the 4hr time frame which is bullish. The price is near the resistance and the sellers are pushing the price down with a lot of pressure and we can also see that the 4hr time interval where there is a change in the sentiment of the people and bulls are trying to push the price up. If the bulls come with a huge volume they can take control of the price but if failed to do so the trend might become bearish.
RESISTANCE:-$0.1148,$0.13009
SUPPORT:-$0.08634,$0.07190