VeChain (VET) Price Analysis: Vechain Current Price Breaks $0.0030 Levels Indicating Further Downfall

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • VeChain has broken the crucial price level of $0.0030
  • The VET/BTC pair is also facing a significant downtrend of -1.56% with the level of $0.00000048 BTC in today’s market.

Capture
Source: Coinmarketcap

The VeChain price graph has started to show signs of negative momentum by breaking below the crucial level of $0.0030. On a 7day-weekly chart, it started from the price level of $0.0030 and faced heavy resistance at $0.0033 which forced it back again to $0.0028. The market capitalization is of $165,757,411 and 24H volume traded is of $101,525,047.

Vechain successfully crossed $0.0030  yesterday but failed to sustain above the level with the closing price of $0.0055. It has now become very important for the altcoin to sustain above the level of $0.0029 to reclaim the crucial and safe spot of $0.0030. If not, it can face heavy price damages which can result in reaching the major support level of $0.0025.  

Screenshot (140)
Source: Tradingview

The technical graph reflects on the bearish momentum faced by VET during the past month and reaching its critical support area of $0.0025. After the support level came into play, the VET was facing the major positive movement in the market. It went cross the level of $0.0032 yesterday.

The technical indicators and oscillators are indicating mix predictions of buying and selling in upcoming days. RSI is in the normal region but sloping downwards to the level of 50. CCI is also exhibiting the same patterns in the graph as it is in the normal region but sloping downwards to the oversold zone. However, MACD levels indicate that there is an upcoming bullish momentum for the cryptoasset but there is an assumable bearish cross waiting.

Resistance Levels: $0.0060 and $0.0072

Support Levels:  $0.0055 and $0.0050

 

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