VeChain (VET) Is Diving And Loses Another Price Level

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 suffering a lot due to bearish momentum. Currently, it’s trading above the level of $0.00300, and in near terms, it can be again testing this level.
  • The VET/BTC pair is also performing negatively and suffering the loss of -0.93% bringing the levels to 0.00000049.

VET1

The 7day-weekly chart reflects that there is a heavy loss in the prices of VET. VET Prices are trying there level best to climb up but facing heavy resistance in every step.

Today prices took heavy negative divergence and blow away the support level of  $0.00300, later on, VET prices were able to climb above this support level and re-acquired it but now there is a lack of support as prices are unable to maintain a gradual climb against the odds.

If prices again broke their current support level of $0.00300, there will complete dominance of bears at the VET prices for the medium-term.

Currently VET’ market capitalization is $168,639,051 USD with volume traded of $78,350,524 USD and  circulating supply of 55,454,734,800 VET.

VeChain Price Analysis

VET2
Source:tradingview

The VeChain price chart reflects that bearish momentum is at its peak. There is a continuous downfall in the prices which are still going on. Prices are unable to resist the current bearish 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 on the verge to again booked by the bulls, which is a good sign for the VeChain holders because this is a clear indication about upcoming bearish momentum.

The 24hr-RSI has entered the bearish zone as it broke down the crucial mark of 50 and still going downwards.

The 24hr CCI had a sharp negative divergence from the top of the normal region and now it is moving towards the overselling region with a continuous downfall.

Resistance Level: $ 0.003250
Support Level: $  0.00300

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