VeChain (VET) Price Analysis: Vechain Ables To Sustain $0.0040 Level Amid Overall Bearish Market

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 broke the major support level of $0.0045 level in yesterday’s bearish market.
  • The VET/BTC pair is facing a significant uptrend of 2.80% with the level of $0.00000048 BTC in today’s market.  

Capture
Source: Coinmarketcap

The VeChain price graph has started to show signs of price corrections by breaking below the crucial level of $0.0045. On a 7day-weekly chart, Vechain (VET) Price started from the price level of $0.0045, and VET faced heavy resistance at $0.0050 which forced it back again to $0.0040. The market capitalization is of $232,757,411 and 24H volume traded is of $195,525,047.

Vechain VET successfully crossed $0.0042 yesterday but failed to sustain above the level with the closing price of $0.0040. 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 $0.0035 for the crypto asset.  

VeChain Price Analysis

Screenshot (320)
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 for the cryptocurrency 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 bullish cross.

Resistance Levels: $0.0050

Support Levels: $0.0040 and $0.0037  

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