- The VeChain price analysis for today seems to be bearish.
- Price growth for VET/USDT pair was more than 8 percent yesterday.
- The resistance is at $0.133 and major support at $0.116.
VeChain has proved to be one of the best investments in the past few weeks, and yesterday, the bulls pushed the price of the coin from $0.128, reaching a high of $0.137. VeChain price was unable to maintain the resistance zone and convert the area into support and is currently down by 2.07 percent. The bulls got exhausted while testing the resistance at the $0.133 level, the bulls got exhausted.
The current Bitcoin price is at $48.4k, down by 2.2 percent as the candle could not close above the $50.5k zone. It is the pre-written rule of the crypto industry, Bitcoin’s fall is followed by shorting of altcoins. It is expected that the nearest major support level at $0.116 will likely hold. While VET was one of the best performing altcoins yesterday, Binance Coin rose by over 15 percent.
Technical indicators bearish on 4-hour chart: VeChain price analysis suggests retracement
Various technical indicators show that Bitcoin was unable to break the price barrier at $50.5k, and as a result, it is currently retracing its support levels present at around $48,350. The VeChain price analysis shows that upward movement is possible if the support zone at $0.116 holds.
Considering the readings on the popular technical indicators, we can see bearish readings. Considering the price movement in the 4-hour chart, it can be seen that the movement has been set towards the lower end of the Bollinger Bands. A red engulfing candle can be seen as opposed to the previous green candle, showing the possibility of a downtrend on the 4-hour chart.
Another notable observation is that the price action is still above the 50-day and 100-day Moving Averages on the 4-hour chart. It can be expected that if and when the current support levels hold, the price action will try to breach $0.133 resistance levels.
Considering the RSI indicator, the current reading is at 48.57, which is gradually moving to the neutral levels at 50. It is unlikely that the coin will move into the oversold levels and breach the support at $0.116. Although, the current slightly negative gradient suggests this to be a good entry point in the market according to our VeChain price analysis.
Now the MACD indicator suggests that the MACD (blue line) has traversed below the signal line (orange one), indicating that the price of the coin is slightly bearish, although this is seen as a situation that can easily be overcome. The histogram has been red since the bearish divergence that happened on 21st August as a result of the previous bullish momentum.
What to expect from the VeChain price analysis?
The VeChain price analysis suggests that the price of the cryptocurrency will be falling down to test the support levels at $0.116, thereafter, moving upwards to again try to break through the resistance at $0.133.
On Tuesday, the VeChain corporation has announced the release of a new SaaS product for China’s Digital Carbon Emissions Market. Hence, it can be said that the timing couldn’t be better for buying VeChain.
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