VET Price Analysis: Bears continue to have vice-like grip on VeChain 

•VET/USD is currently priced at $0.046 and has decreased by 0.55% over the past day

•The trading volumes have increased by 14.76% over the past day

•The technical indicators suggest a negative outlook

Short Term View: Technical indicators suggest continuation of bearish momentum for VeChain 

The VeChain price today is $0.046766 USD with a 24-hour trading volume of $314,870,539 USD. VeChain price is down 0.55% in the last 24 hours.The Trading volumes have increased over the past intraday session, suggesting increased investor activity. The Volume to Market Cap Ratio,on the other hand, stands at 0.1047.

After clocking it’s all time high of $0.2782 on April 17,2021, VeChain price has been stuck in a rut . Today, it finds itself in the midst of a downtrend that is depicted aptly by the asset trading below the 20 and 50 SMA on the 4 hour chart. If the momentum sustains,the coin would encounter support at $0.044. On the other hand, barring a prolonged crypto rally, the first major resistance level would likely limit any upside.In the event of a prolonged breakout, Bitcoin could test the major resistance level at $0.050 before any pullback.

Long Term View 

The bearish rally is in full swing when it comes to VeChain price, with the bears gaining strength to strength. The RSI treads in at 42.02, giving off a neutral signal. The MACD indicator reinstates the bearish sentiment as the daily charts are about to witness a bearish crossover in the coming hours. The histograms are also about to turn red, which would be a major sell signal for the investors.

Conclusion 

If VeChain is not able to free itself from the beach grip ,the prices could fall below the support zone located at $0.044. If this zone breaks, sales will increase and the downtrend may resume, making it an important defense zone for bulls. The next few days will provide us with an insight into the future course of the coin. 

Support: $0.044

Resistance: $0.05

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.