VeChain (VET) Price Analysis: Vechain Current Price Facing Strong Resistance By $0.0048 Level

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 VET has broken above the crucial price level of $0.0040 past a few days back. 
  • The VET/BTC pair is also facing a significant downtrend of -8.56% with the level of $0.00000050 BTC in today’s market.  

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Source: Coinmarketcap

The VeChain price graph has started to show signs of negative momentum by breaking below the crucial level of $0.0045. On a 7day-weekly chart, it started from the price level of $0.0040 and faced heavy resistance at $0.0048 which forced it back again to $0.0044. The market capitalization is of $246,757,411 and 24H volume traded is of $211,525,047.

Vechain bulls successfully crossed $0.0045 yesterday but failed to sustain above the level with the closing price of $0.0043. It has now become very important for the altcoin to sustain above the level of $0.0045 as to reclaim the crucial and safe spot of $0.0050. If not, it can face heavy price damages which can result in reaching the major support level of $0.0035.  

VeChain (VET) Price Analysis

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Source: Tradingview

The technical graph reflects on the price consolidation faced by Vechain VET during the month and reaching its critical resistance area of $0.0048. After the resistance level came into play, the VET price was facing the major negative movement in the market. It went to the level of $0.0042 yesterday.

The Vechain technical indicators and oscillators are indicating mixed 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 to the overbought 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: $0.0048 and $0.0050

Support Levels: $0.0045 and $0.0042

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