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VeChain (VET) Price Analysis: VeChain is Diving, Prime to Test New Support Levels

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VeChain price analysis
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  • VeChain is showing a lot of bearish signs below the level of $0.00257, and in near terms, it can break the support level and drop further below.
  • The VET/BTC pair is also performing negatively and suffering the loss of -0.96% bringing the levels to 0.00000046.

VECHAIN 1

The 7day-weekly chart reflects that  $0.01 is being a crucial resistance level for the prices. Many times bulls tried to break this crucial level but failed along with the drop in the prices.

Today prices took heavy negative divergence and blow away the support level of  $0.00240, later on, the support level of $0.00230 provided prices a strong bullish boom as prices recover today’s fall just only to fall back again.

If prices broke their current support level, there will complete dominance of bears  in the VET prices.

Currently VET’ market capitalization is $132,635,102 USD with volume traded of $68,206,454 USD and  circulating supply of 55,454,734,800 VET.

VeChain (VET) Technical Analysis

VECHAIN2
Source:tradingview

The VeChain price chart reflects that bearish momentum is at its peak. There is a continuous downtrend in the prices which is still going on. Prices are unable to break this bearish momentum.

The technical indicators and oscillators are not in VET’s favor as they are showing heavy selling volume of cryptocurrency.

The MACD level is again booked by the bulls, which is a good sign for the VeChain holders,

The 24hr-RSI is showing bearish momentum  as it is under the crucial mark of 50.

The 24hr CCI had a sharp positive divergence from the overselling region to the normal zone and was about to hit over buying region but that didn’t happened.

Resistance Level: $ 0.002400
Support Level: $  0.002390

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