- The VeChain price is struggling between the 20-day and 100-day EMA.
- The VET crypto price has risen 115% in the last 4 months.
In a broader time frame, the VeChain price has been bullish and rising by taking pullbacks. In February, the VET price jumped by 82% and reached a 52-week high of $0.0550 on February 28, 2024. The price has tried three times to sustain the $0.0500 mark, but sellers were strong enough to drag down the price by 20% in ten days. VeChain price prediction for this month is negative.
The VeChain price is currently struggling between the 100-day exponential moving average and rising by forming higher highs and higher lows. It has slipped below the 20-day EMA and declined by 15% in a week.
The price is trading at $0.0407, which has increased by 0.93% in the last 24 hours. The market capitalization is $2.96 billion, and according to the market cap, it ranks 43rd in the cryptocurrency market. The 24-hour trading volume is $60.68 million, which has decreased by 17%.
VeChain Crypto Price vs Volume Analysis
According to the graph of price and volume, the trading volume has decreased from $315 million to $61 million since March, and the price has also dropped. In the last 3 days, the volume has fallen by 50%, but the price has not declined. Based on this data, the VET crypto price may perform negatively in the last few days.
VeChain Crypto Social Dominance vs Social Volume
According to the graph of social dominance and social volume, the awareness and hype about the VeChain coin have dropped in the last few weeks, negatively impacting the price. The further momentum of the price may depend upon the change in social dominance and social volume.
Technical Analysis of VeChain Price Over Daily Timeframe
In February, the VeChain crypto price performed positively but failed to surpass the $0.0500 level. If the VET price slips below the 100-day exponential moving average, it may easily melt to the 200-day EMA. If the price fails to defend the 200-day EMA, then a bearish trend in the long term can be expected.
Suppose the VeChain coin price bounces back and surpasses the 20-day exponential moving average; it may reach a 52-week high. If the VET price surpasses $0.0550 and the volume increases, the bullish trend may continue in the long term.
Turning to the technical indicators, the VeChain price has slipped below the 20-day EMA and is heading toward the 200-day EMA. RSI is at 44, continuously declining, and unable to surpass the RSI-based moving average. Overall, the technical indicators favor bearish momentum.
Technical Analysis of VeChain Price on a 4-H Timeframe
In a 4-H time frame, the VET price has failed to sustain the last swing high of $0.0430. If the VET crypto price slips below $0.0400, selling pressure can be seen. If the price fails to defend the $0.0350, it may melt to the $0.0300 level.
Suppose the VeChain crypto price surpasses the resistance level of $0.0430 and sustains; buying momentum for the next few weeks can be expected. If the price surpasses the 100-day EMA, it may reach the 52-week high.
Conclusion
Based on the analysis, the VeChain price is currently facing a challenging period. The technical indicators suggest a bearish momentum, and there are concerns about the price slipping further. However, if the price bounces back and surpasses key resistance levels, it may signal a potential bullish trend in the long term.
Technical Levels
Resistance: $0.0425 & $0.0500
Support: $0.0370 & $0.0330
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.