VeChain Price Analysis: The bears are in Charge

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Arushi Dubey
Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

Current Status of VeChain (VET): Currently, the currency is trading at the value of $0.003389 and the value of a currency is increasing by 0.08%. The market capitalization of the currency $187,953,045 and the 24-hour volume of the currency is $44,897,354. The circulating supply of the currency is 55,454,734,800 VET and the ROI of currency is -77.47%.

Price Analysis of VeChain: Yesterday, the currency was trading at the value of $0.003420 at 05:49 UTC. The market capitalization of the currency is $189,647,046 and the 24-hour volume of the currency is $33,271,843. Later the value of VET dropped up to the value of $0.003372 at 14:34 UTC, but it again experiences the increase up to the value of $0.003403 at 17:49 UTC. The currency was mainly hovering between the value of $0.003300 to $0.003490.

Technical Analysis of VeChain: The 4-hour value of the chart of pair VET/USD is showing the sell indicators. The moving averages are showing a strong sell signal and the MACD of the currency is also showing in the red zone of sell.  In the 4-hour chart, the RSI value is 41 and it is showing neutral indication. The simple moving averages of 10-day, 20-day, and the 50-day is also showing the sell indicators, which means that the bulls have upper hand in the market.

On the other hand, the daily chart of the cryptocurrency pair VET/USD is also showing the bearish signal as the moving averages and oscillators are showing the selling signals from the traders. The RSI value is 40 and it is still in the neutral region and the MACD is showing the red signals of sells. However, the simple moving’s averages of 10-day, 20-day, and 50-day are also in the red zone of signal indicators which is showing the pressure of bears on the currency.

The technical indicators in both charts of 4-hour and daily charts are showing the bearish signal of the value of the currency. The RSI and MACD are both showing the bearish signal. The main support levels of the VET are $0.003214, $0.003107 and $0.00308 and the main resistance levels of the pair of VET/USD are $0.003421, $0.003492 and $0.003594.

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