- VET price has declined by 15% over the past 5 days.
- VeChain price has lost the key moving averages indicating a bearish forecast.
The bullish trend in VeChain (VET) price has disturbed near the $0.0500 hurdle. Since March, the momentum has shifted to sellers and has lost around 64%. The VET price has been facing resistance from a descending trendline for the past two quarters. The price has been struggling below the 200-day EMA since June.
VET price has been defending a major support level of $0.0200 since July. The price has squeezed much and has come to a breakout zone. The price has formed a descending triangle pattern on a daily time frame.
Is VET Price Ready to Blast Soon?
abermix (@abermixcrypto) is a crypto analyst who believes that the VET price has the potential to climb further. Fib has discovered a support level for VET crypto on a weekly time frame. The price is expected to bounce back from the support level of $0.0200.
RSI has generated a strong bullish divergence on a weekly time frame which may invite buyers. Buying pressure in this scenario could trigger buying momentum.
VET Price Shaped Descending Triangle; What’s Next?
VeChain crypto was trading at $0.0199 at press time with an intraday gain of 1%. The market capitalization was $1.62 billion and the 24-hour trading volume was $22.25 Million. The trading volume has increased by 10% over the past 24 hours indicating that new investors have been engaged.
If the crypto asset price loses the major support level of $0.0200, it could develop a selling opportunity. If it sustains below this level then sharp selling can be seen and it may record a multi-year low.
On the other hand, if the VET crypto price manages to defend the $0.0200 mark, then buying momentum can be anticipated. Once the price starts trading over the 200-day EMA, it may trigger bullish momentum. The involvement of investors may boost the momentum, followed by the recovery of previous losses.
The MACD and the Signal line have dropped below the Zero line. The histograms have turned red demonstrating bears’ grip. The RSI was struggling below the RSI-based moving average and was heading toward the oversold zone.
VET Price Prediction Based on Technical Chart
VET price was facing significant challenges, with the price hovering near the crucial support level of $0.0200. The recent decline of 15% over five days and the loss of key moving averages indicate a bearish sentiment in the market.
The formation of a descending triangle pattern suggests that if the price fails to hold above the support level, selling pressure could rise and potential multi-year lows.
Conversely, if VET can maintain its position above $0.0200, there may be an opportunity for a rebound, particularly if it manages to climb above the 200-day EMA. Increased trading volume points to renewed interest from investors, which could contribute to a recovery in momentum.
Technical indicators such as the MACD and RSI suggest a bearish trend, but any shift in market sentiment or positive movement could spark buying activity and help reverse recent losses.
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.
