VeChain (VET) Price Analysis: Vechain Bulls Got Shut By Resistance Level Of $0.0045

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 $0.0040.
  • The VET/BTC pair is also facing a significant downtrend of -1.80% with the level of $0.00000050 BTC in today’s market.  

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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, Vechain started from the price level of $0.0040 and faced heavy resistance at $0.0045 which forced it back again to $0.0045. 

Vechain (VET) successfully crossed $0.0045 yesterday but failed to sustain above the level with the closing price of $0.0042. It has now become very important for the altcoin to sustain above the level of $0.0040 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 $0.0025.  

The vechain current price is at the level of $0.0044 with the market capitalization of $251,086,023 and volume traded of $173,674,374. The current circulating supply is 55,454,734,800 VET. 

Vechain Price Analysis

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Source: Tradingview

The technical graph reflects on the bearish momentum faced by VET price 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 $0.0045 yesterday.

The technical indicators and oscillators are indicating mixed predictions of buying and selling in upcoming days. RSI is in the normal region but showing positive nature to the level of 50. CCI is also exhibiting the same patterns in the graph as it is in the normal region and aiming to the overbought zone. However, MACD levels indicate that there is an upcoming bearish momentum for the vechain but there is an assumable bearish cross waiting.

Resistance Levels: $0.0045

Support Levels: $0.0040 and $0.0037  

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