- The VeChain (VET) token price volume declined by 9.61% in today’s market session.
- The VET price is trading below the 100-day and 200-day EMA levels.
- It has an OI of $20.8 Million, with a decline of 3.7% in today’s market session.
VeChain (VET) operates as a versatile enterprise-grade L1 smart contract platform. Originating in 2015 as a private consortium chain, VeChain collaborated with numerous enterprises to investigate blockchain’s potential applications. In 2017, VeChain initiated its shift towards a public blockchain, introducing the ERC-20 token VEN, and subsequently launching its own mainnet in 2018, adopting the ticker VET.
The VET coin is currently trading in the downtrend direction. The coin is forming a weak pattern.
Its total supply amounts to $72.7 Billion VET coins. As of the present market session, the coin’s price stands at $0.17, reflecting a 27% decline. This suggests a waning interest among buyers, and the coin’s trend appears bearish.
In April 2021, VeChain (VET) reached its peak at $0.28, after which its price embarked on a downward trajectory. Over approximately a year and a half, the coin’s value dwindled by nearly 95%. Nevertheless, a support level at $0.14 emerged, and the price attempted to rebound from this point. Although, that uptrend proved short-lived.
Currently, VET is tracing a descending triangle pattern. At its current juncture, the coin hovers near the support level, making efforts to breach it. The overall pattern exhibited by the coin indicates weakness and a potential decline in price seems likely.
The VeChain (VET) Price Analysis
The current status of VeChain coin prices reveals a decline below the 50-day and 100-day EMA levels in daily trading. This signifies an increasing bearish trend, hinting at the likelihood of a price decrease in the coming days.
Both the RSI line and the 14-day SMA line for the VeChain (VET) token are hovering near the 40 levels, a region known as the negative zone. This suggests a potential decline in coin prices in the near future.
The MACD line for VeChain is positioned below the signal line, with both lines residing below the zero line. This configuration indicates the formation of a weak pattern, raising the possibility of a future price drop.
Conclusion
In summary, based on the analysis, it appears that Vechain (VET) is displaying a weak structure. The overall trend of the coin is headed downward. Key indicators such as MACD, RSI, and EMA also point towards a decline in the coming days. Moreover, the coin’s trading volume is on the decline, further suggesting the likelihood of a fall in the near future.
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.