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- VET bulls have been showing their desperation for improving the price levels
- Unfortunately, the positive pull is halted by resistance at multi-levels.
- Currently, the cryptoasset is facing an overall loss of -2.00%
Vechain price recovery momentum has been the prey of resistance at multi-revels which prevents the altcoin to take any significant positive jump in the market. Currently, the price level is at $0.011 with an overall loss of -2.00%. The market capitalization and 24-hour volume traded stand at $739,922,981 and $ 128,424,171 respectively with no major changes.
The weekly chart reflects on a possible ongoing consolidation phase for VET which is followed by a gradual downtrend in the price levels. In the previous month, the altcoin touched its month-high of $0.015 and faced heavy profit booking momentum afterwards. The crypto asset tried to make price recovery actions in the market after the downtrend but failed to due to technical resistance placed at various price levels. The resistance levels are continuously providing damages to the prices of VET and might force the levels to reach a critical bearish region if the positive momentum is not revived soon.
Vechain (VET) Technical Analysis
On the technical chart, the red flag highlights the technical resistance placed at various levels at which the positive attempt made by the bulls was halted which resulted in lower levels gradually. The price levels are currently under 0.236fib level which also indicates that bears are currently having an upper hand. However, the altcoin is capable of retesting the resistance levels looking onto the previous occasions which might provide the much-required breakthrough.
RSI levels are not looking very promising as they are showing negative nature in the graph. Currently, it is held on 38.97 in which it is hard to expect any significant positive move.
MACD levels are expecting a bullish crossover which might help the digital asset to sustain above the crucial level of $0.011.
Resistance level: $0.132 and $0.138
Support level: 0.0110
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
