 was created to improve corporate operations and supply chain management. The market value of the VeChain coin.){kind=link}
- VeChain (VET) prices witnessed an increase in buying volume by 27% in 24 hours.
- VET price is sustaining below the 50-day and 100-day EMA levels.
- VeChain (VET) is currently trading at $0.018.
A blockchain platform called VeChain (VET) was created to improve corporate operations and supply chain management. With a strong infrastructure for managing and tracking the movement of commodities, it strives to provide efficiency and transparency throughout the whole supply chain process. Sunny Lu founded VET in 2015, and the platform went live in June 2016.
The market value of the VeChain coin (VET) is $1,356,198,070. It has been down by 1.6% over the past 24 hours. The coin’s price has dropped by 2.41% in today’s market session to $0.18, where it is presently trading. This shows that buyers’ interest is waning and the coin is moving in a bearish direction.
The 52-week high and low of the VeChain cryptocurrency are $0.03382 and $0.01363 respectively. At press time, the coin volume was $1,356,198,070, which represents a -9% drop from yesterday.
The VET coin is currently moving in a downtrend direction and the price is forming a weak pattern.
In April 2021, the VeChain (VET) reached a high of $0.28, at which point, the price of VET began to decline. In just over a year and a half, the price of coins has decreased by about 95%. However, the $0.14 level provided support, and the price rose from there.
Currently, the VET coin is moving in a range of $0.018-$0.021. At press time, the coin is near the support level and the price is trying to break down. The overall structure of the coin is forming a weak pattern and the price is likely to fall down.
VeChain (VET) Price Analysis
Source: VET/USD.1D.BINANCE by TradingView
EMA:
The price of VeChain coins is currently declining below the 50-day and 100-day EMA levels on a daily basis. This suggests that the bearish momentum is increasing and that the price of the coin may decline in the next few days.
RSI:
The VeChain (VET) currency’s RSI line and 14-day SMA line are both close to the 40 levels. This level is known as the negative zone and the coin prices may decline in the near future.
MACD:
The MACD line for the V coin is trading below the signal line. Also, both the lines are below the zero line, which indicates that the coin is forming a weak pattern and the price might fall in the upcoming future.
Conclusion
In conclusion, as per the analysis, the price of Vechain (VET) is forming a weak structure and the overall momentum of the coin is moving in a downtrend direction. The indicators like MACD, RSI, and EMA are also indicating a downward movement in the upcoming days. The volume of the coin is declining as well. This further indicates that the coin is likely to fall in the upcoming days.
Technical Levels
- Support Level – $0.018.
- Resistance Level – $0.021.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
