VET/USD continues to be a victim of price erosion, with the price plunging to a seven-week low. This is despite the fact that the multi-signature wallet will be released in about a month, and it will also be creating a new blockchain when the mainnet goes live. This has led to a lot of VET sellers, and the global market cap has dropped sharply. However, in the short term, the price is not likely to pick up, as there is minimal volume on the market.
As the VET price continues to lose value, there has not been any robust trading activity on the market. In fact, so far this week, the VET trading volume has been so low that it has led to a reduction in the market’s average trading volume. This also comes after the VeChain (VET) price peaked at $1.27 on December 17, 2018.
One of the most exciting and important developments in the crypto space took place just last week with the launch of VeChain’s network. The VeChainThor blockchain will underpin the VechainThor light wallet. One of the most exciting things about the VeChainThor platform is that it promises to enable real-world use cases that other blockchains have struggled to deliver. This is because the VeChainThor platform allows users to build dapps (decentralized applications) on the blockchain.. Read more about vechain price prediction and let us know what you think.Summary of the situation
- VeChain’s price analysis shows that the pair reflects the significant price movements of altcoins.
- The VET/USD pair is close to critical support levels and needs massive bullish volume to sustain an uptrend.
- A false breakout on the hourly chart could dampen buying sentiment.
- The bearish momentum is still strong and VET needs more support from the crypto-currency market.
Coin360 crypto-currency heatmap
The ETV/USD has entered the stagnation phase and is close to the $0.08017 level. The major cryptocurrency market is flat with most altcoins moving sideways. VeChain’s share price thus mirrors that of its sector peers and shows no clear upward trend. However, downward momentum is in full swing as the pair clings to the critical $0.08000 support level.
VeChain’s volume on social media is steadily declining, which could also affect actual trading volume. Traders and large investors are on the sidelines, trying to decipher the current period of stagnation. It remains to be seen whether the current phase will turn into an accumulation phase for an upward move.
The hourly charts also show a double bottom pattern developing near the lower Bollinger Bands, according to the VeChain price analysis. The price has fallen about 20% in the past four days, from a high of $0.09873 to $0.05933.
VeChain price movement in the last 24 hours: Is the EFP moving backwards or forwards?
Lateral price movements have removed significant liquidity from the market. Traders, whether bullish or bearish, don’t want to take any chances with the current zigzag price action. The short-term charts are dominated by the downward sloping price channel.
VeChain’s price analysis shows that the price opened at $0.07220 and peaked at $0.08208. There is no clear support outside the area of the middle Bollinger Band where the price is currently fluctuating. Support at $0.08000 also represents a 0.786 Fibonacci retracement from the January highs.
In the absence of a clear bullish breakout, the VET/USD pair should expect further declines, albeit gradual. As a result, the pair has lost about 70% of its value from the April 2021 highs. The broader cryptocurrency market, especially bitcoin, is in decline and most altcoins are following this trend.
Four-hour time series VET/USD: 9-day moving average supported VET
VeChain by TradingView
As the market moves under dark clouds, even the technical indicators are not helping to clear the dust. The hour charts are filled with small hesitant candles that show no trend. The small rallies that are occurring remain within the Bollinger Bands. The pair is stuck below the resistance at $0.08200, with repeated false breakouts.
VeChain’s hourly price analysis shows that the pair is under pressure from a resistance point at $0.08600, where the 200-day moving average is located. The descending triangle shows that the pair can expect a long period of pain, where it could slide to $0.07800 on an hourly basis. Moreover, several technical indicators threaten the price recovery near the $0.08260 area.
An RSI value of 55 indicates that the pair is in the neutral zone. The slope of the RSI is bearish and shows a downward trend on the short-term charts. The Stochastic RSI is following a similar downward trend and the pair is approaching the $0.07910 level.
VeChain price analysis shows that a death cross pattern also forms on candlestick charts. This could mean a sudden drop in price, especially if the price is under pressure from the 50-day moving average.
VeChain price analysis output: The price of VeChain may be a surprise
Although dark clouds are gathering, an analysis of VeChain prices can be surprising. A prolonged period of stagnation could lead to accumulation near the pivot point at $0.0800. The pair could see a breakout near the $0.08610 area, which would change VeChain’s price analysis from negative to positive. However, the pair will need huge volumes and support from the broader crypto-currency space.
Currently the pair is trying to protect the $0.08000 level from erosion. A gradual sell-off could be more dangerous for VeChain’s share price than a sharp drop. In the short term, the currency should remain under selling pressure.
Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.(Hashtag: #VET #VETUSD). Read more about vechain breakout and let us know what you think.
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