VeChain (VET) Price Analysis: Bulls Aiming To Break Resistance Of $0.0050

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 $0.0047 
  • The VET/BTC pair is facing a significant downtrend of -1.80% 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 $0.0045. On a 7day-weekly chart, VET started from the price level of $0.0045 and faced heavy resistance at $0.0050 which forced it back again to $0.0042. The market capitalization is of $245,757,411 and 24H volume traded is of $202,525,047.

Vechain successfully crossed $0.0043 yesterday but failed to sustain above the level with the closing price of $0.0044. It has now become very important for the VET price 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 $0.0035.  

Vechain Price Analysis

Screenshot (301)
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 $0.0043 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 negative nature to the level of 50. CCI is also exhibiting the same patterns in the graph as it is in the normal region and traveling to the oversold zone. However, MACD levels indicate that there is an upcoming bearish momentum for the vechain but there is an assumable bearish cross waiting.

If the bulls somehow succeed in breaking the $0.0045 resistance, it will result in the rise above the $0.0048 and $0.0050 resistance level.

Resistance Levels: $0.0045

Support Levels: 

$0.0040 and $0.0037  

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