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Covenant x402
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Solana
- VET token struggles near the crucial support mark of $0.01900.
- The token faces aggressive selling pressure in the past trading sessions.
Vechain token is near the crucial support mark and below the significant moving averages. VET token is forming a double bottom with a neckline near $0.02200. Above that, buyers gain traction. Buyers try accumulating, but bears dominate the token in the last few sessions.
Moreover, the token price was trading below the lower trendline, and a breakdown was noted in the past sessions. However, the VET token is still trying to pause and hold near support while sellers force it with intense pressure. Sellers were taking charge of the token and showing their dominance.
When writing, the VET token trades at $0.01930 with an intraday gain of 0.56%, showing that a small candle formed on the verge of a support line, meaning buyers are trying to hold, whereas sellers are putting efforts to break, resulting in a small range bound move. Moreover, the trading volume also showed a mild spike of 2.30%.
VET Daily Charts Favouring Sellers
On the daily charts, the VET token struggled near the crucial support mark of $0.01900, the demand zone. If the token persists, a bounce from the demand zone can be seen there. In the past months, the VET token slipped from its 200-day EMA, and sellers activated their muscles resulting in a continuous plunge in price.
However, the rising wedge chart pattern forms on the chart, which suggests an upside in price. If the token persists in holding, a bounce back toward the 20-day EMA near $0.02100 can be seen.
Moreover, Vechain slips below the psychological level of $0.02000, which buyers try to attain. Based on the last trading session, the price action favors sellers as a bearish engulfing candlestick was seen near 200-day EMA. Moreover, the price breaks the lower Bollinger band, but trading volume not favoring sellers results in a price pause.
What Traditional Indicator Says about VET ?
On the 4-hour chart, the VET token remained cautious, hovering near the demand zone. Meanwhile, more weakness in the token can be there if the token breaks below $0.01900, which was the strong support mark. T
The RSI curve is below the neutral level of 50, and negative divergence was also seen on the index curve. Moreover, the curve meets the signal line, showing the trend is weak.
The MACD indicator is showing neutral with the moving averages converging with each other, showing neutral moves.
Conclusion:
VET token is struggling and holding the gains near the crucial support mark of $0.01900. Buyers are trying to leave the congestion zone and fetch the neutral marks.
Technical Levels:
Support Levels:$0.01900
Resistance Levels: $0.2200
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
