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VeChain (VET) Suffered Major Plummet, Blew Away its Major Support Level

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VeChain price analysis
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  • 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 touch level $0.
  • The VET/BTC pair is also performing negatively and suffering the loss of -1.63% bringing the levels to 0.00000047.

There is a heavy loss in the prices of VET Prices are trying their level best to hold up but facing heavy resistance in every step and continuous falling is also an issue.

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 and this is the second time when prices performed such heavy volatility.

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 $181,124,236 USD with volume traded of $82,956,432 USD and  circulating supply of 55,454,734,800 VET.

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.

VET
Source:tradingview

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 moving along the bulls, which is a sign of relief for the VeChain holders as there is still some positive trade occurring.

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: $ 0.00400
Support Level: $ 0.00300

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