- The VET crypto price consolidated between the $0.0389 and $0.0330 levels at press time.
- The crypto reflected a 1.94% decline during the intraday trading session.
- Moving averages suggested solid bearish signals in the current trading phase.
VeChainThor (VET) is built as a distributed platform powered by Internet of Things (IoT) technologies. It is a versatile enterprise-grade L1 smart contract platform, a pioneer of real-world enterprise applications. In terms of market cap, the VET token has placed itself in the top 45 most dominant cryptocurrencies in the world. However, the VET token price faced some uncertainty at the time of writing. Let’s see what’s ahead for investors.
VeChain Price Consolidation Can Come to an End If…
The VET crypto price showed a massive rise in price in February 2024. It reflected an almost 70% upsurge in price during that month. Afterward, the crypto faced a correction phase for two consecutive months. The price is moving near the major demand zone in the current month, which can be positive news for investors and traders.
The community behind VeChain showed 76% bullish sentiments at press time. Conversely, the VeChain crypto underperformed the global cryptocurrency market and smart contract platform cryptocurrencies. At present, crypto is showing the strong requirements of investors’ approach.
Price Volatility & Social Dominance Analysis
The rise in the number of tweets about the VET crypto was noticed in early April 2024. A closer assessment reveals that the price followed the upsurge in social dominance. However, the price reflected less fluctuation during the social rise compared to the other cryptocurrencies. In the current sessions, social dominance has risen gradually, which could be a positive indication for users worldwide.
Technical Analysis of the VeChain (VET/USD)
![VeChain](https://themarketperiodical.com/wp-content/uploads/2024/05/image-466-1024x447.png)
The bullish outlook implies above the key exponential moving averages. However, the current price is moving between the 50-day and 200-day EMAs, indicating uncertainty in the short term.
VET price faced major resistance from the $0.0519 supply level on April 12, 2024. Afterward, the price broke below the $0.0369 support level and entered the consolidation phase. The current price is trading between the $0.0369 and $0.0330 levels. As per the market speculations, the price reflects a bearish view at the current phase, and a bullish view can be expected to be above $0.0434.
The relative strength index (RSI) shows weak bullish momentum at the current phase, indicating a losing bullish strength. The RSI and SMA line had a death crossover, which boosted bearish sentiments.
Summary
The VeChain crypto price has been performing with bearish sentiments since April 2024. The price recorded over 35% bearish rally since then and entered the consolidation phase. The price traded between the $0.0369 and $0.0330 levels at press time. It reflected a bearish view during the current phase. As per the technical analysis, a bullish view could be possible above the $0.0434 level.
Technical Levels
The immediate resistance for VET was $0.0434 when writing, while the $0.0330 level was the next support. If the price exceeds the upper resistance, a rise in price can be expected. Likewise, a shortfall in price can be seen if the price closes below the mentioned support level.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or any other advice. Investing in or trading crypto or stock comes with a risk of financial loss.