in

VET/USD lagging behind moving averages at $0.068 support zone

Cryptopolitan


TL;DR Breakdown

  • Vechain price analysis in the last 2 days has been bearish
  • VET/USDT volumes dropped below the average trendline on Wednesday
  • The coin is aiming to overcome the 200-day simple moving average at $0.092

Vechain Price Analysis: General price overview

Vechain price analysis in the last two days has been bearish until today when the coin broke out of the $0.07 price mark. Traders anticipate an uptrend ahead of the day and mild short-term gains that will benefit day traders and swing traders. 

Nonetheless, the slight breakout does not evidence any bullish outlook but could support a rally in the medium-term. The weekend is here, and there is no telling what direction the coin will take. 

The relative strength index points towards indecision at 47 but has verged within the overbought region for the better part of the 2-day chart. 

Vechain’s volumes dropped below the average trendline on Wednesday, thereby calling for improvements in the upcoming sessions. 

Besides, the price has downslopped below a couple of moving averages and demands lots of buyer pressure to rebound above solid resistance at the 20-day displaced moving average.

Vechain price movement in the last 24 hours: Price hurdle at $0.069

Presently, Vechain price analysis has already shifted position from the immediate support at $0.065 and is now attempting to break resistance at $0.069.

The coin surpassed the resistance during the early morning trading hours, but the bulls could not defeat heightening seller concentration. 

Since morning, Vechain has been trading with a head and shoulder pattern with a neckline through the price hurdle. The tip lies at the daily rejection, around $0.0705. 

Source: TradingView

Meanwhile, the current zone is an improvement across the 5-day chart since the beginning of the week when the coin reframed a rising wedge from last week’s descending triangle. 

The VET/USDT trading pair aims to overcome the 200-day simple moving average at $0.092; this would suggest an approximately 25 percent gain from the current price. On the other hand, the bears aim to dismantle the major support and print lows around $0.053.

VET/USD 4-hour price chart: Developing bearish weaknesses

At the time of writing, VET/USDT pair is trading at $0.06850 and has been hovering around $0.068 and $0.069 throughout the session. A continuation of the current price trend could have the price retest $0.065 due to a developing descending channel. 

Vechain price analysis on the 1-hour chart is trending with a falling wedge , with the bears putting a massive show to hijack any positive near term signals. Furthermore, the RSI has slanted into the overbought region on the 1-hour chart, suggesting the bulls are waging momentum to overcome resistance at $0.069. 

Vechain price analysis
Source: TradingView

Vechain price analysis conclusion 

Generally, the Vechain price analysis is bearish as has been the case in the last 2 days. There are positive signs of a recovery and as we head into the weekend, traders can anticipate higher volumes that might subsequently increase the price of the coin. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

SEC vs. Ripple Lawsuit

SEC vs. Ripple Lawsuit; Hinman’s deposition gets the green light

Ethereum-based Gnosis Safe expands to Polygon, Arbitrum and BSC to enable more efficient DAOs

Ethereum-based Gnosis Safe expands to Polygon, Arbitrum and BSC to enable more efficient DAOs » CryptoNinjas