VeChain (VET) Is Again Testing Major Support Level of $0.0025

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Ayush Malviyahttps://www.thecoinrepublic.com/
Ayush Malviya has recently joined as a technical market reporter for Thecoinrepublic- the Leading cryptocurrency news site. He believes that there is a broad scope in Crypto market and blockchain. Thats why he loves to gather knowledge about it and like to analyse the market pattern.
  • VeChain is showing a lot of bearish signs below the level of $0.0028, and in near terms, it drops further below.
  • The VET/BTC pair is also performing negatively and suffering the loss of 3.52% bringing the levels to 0.00000045.
  • Cryptocurrency is unable to stand against the resistance level of $0.00325.

In current conditions, $0.00325 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.

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VET prices took heavy negative divergence and testing the support level of  $0.00250, support level of $0.00250 provided prices a strong bullish boom as per to recover their recent fall but again prices are at the bingeing. 

If prices broke their current support level $0.0025 there will complete dominance of bears in the VET prices.

Currently VET’ market capitalization is $145,406,264USD with volume traded of $72,284,514USD and  circulating supply of 55,454,734,800 VET.

VEchain
Source:tradingview

The VeChain price chart reflects that bearish momentum is back. There is continuous volatility in the prices which are still going on. Prices are unable to find a break out from this momentum.

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

The MACD level is again booked by the bulls, which is a good sign for the VeChain holders, as there is an increase in the selling volume of the altcoin.

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

The 24hr CCI had a sharp negative divergence from the top of the normal region to the depth of the overselling and currently, it is trying to reach back to the normal region.

Resistance Level: $ 0.00325
Support Level: $  0.00250

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