- The Vecahin (VET) appears to be sideways as price trades in the box.
- Trading volume suggests lower liquidations in VET price momentum.
- The market cap fell 1.4% to $1.83 billion in the past 24 hours.
The VeChain (VET) has been under significant selling pressure in recent months, with bulls failing to push the asset values above prior swing highs. This pressure had not yet subsided. Furthermore, the price was volatile above the $0.021 support level.
Following a significant decrease in April, the VeChain price is stabilizing inside a box pattern. Similarly, neither the bulls nor the bears attempted to hold the cryptocurrency price within a horizontal band for the last 40 days. However, as of now, the bulls are breaking out of this range bound phase as the price consolidates towards the resistance level in the following pattern.
As of press time, VeChain Coin is trading at the $0.0252 mark against USDT. Thus, on the lower time frame of the 4-hours and lower, price action suggests an extreme sideways trend below the $0.027 resistance. Furthermore, VET crypto with bitcoin pair is betting on 0.000001117 satoshis with minor downside movements.
The market cap of VET coin fell 1.4% over the past 24 hours to $1.83 billion. The sideways trend is taking place due to low liquidation in the market as per the trading volume.
VET Price is Just Above the 50 DMA
Despite the sideways trend. Buyers are managing the VET price well above the 20 as well as the 50 day moving average. 50 DMA (Blue) stood as immediate support for buyers, below this zone buyers could see a decline again.
The RSI indicator moves back above the half-line (50 points) in the context of the daily price chart.
Conclusion
However, the price movement of the VeChain (VET) coin suggests a sideways trend for now. Still 50 DMA (blue) stood as immediate support for buyers, below this zone buyers could see a decline again.
Resistance level- $0.027 and $0.0350
Support level- $0.0240 and $0.020
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.