7-Day Continuous Selloff in VeChain Resulted in Price Drop of -21%

Pratik Chadhokar
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 possesses strong technical analytical skills. He is well known for his entertaining and informative analysis of the Financial markets.
  • The altcoin drag over -21% in the first seven days of October slipped from a 52-week high of $0.02291
  • VET drops -9% on Wednesday and trading at the level of $0.01016 at the time of writing over the weak Global sentiment 
  • The coin is in bearish momentum making new lows on the monthly chart   
Source: thecoinmarketcap

The crypto asset VET making new lows over the monthly chart of $0.00974 and currently trading at $0.01016 as due to bearish movement in the crypto market and the global financial market pull the coin to lower levels the overall crypto market was down by -2.23%. The token has broken the important support of $0.01130 and now trading lower the coin market cap was around $653,613,184 and the volume traded was around $165,247,918 in 24-hours. 

Source: tradingview

The symmetric triangle pattern has been observed over the monthly chart and after breaking the support of $0.01130 the crypto asset dragged to $0.00974, however, the price recoverers from its low.

source: tradingview

MACD gives multiple signals over the chart suggesting the bearish movement in the coin the negative crossover observed over the chart after a breakdown from the important support. 

Screenshot from 2020 10 07 18 43 39
Source: Tradeview

As the monthly chart of RSI gives the bearish signals as the coin trading in the oversold zone, however, the price recovery made sudden spik in the RSI chart in the last seven days continues trading under the neutral zone and went to the oversold zone but as the market recovers the coin recovers from its low. 

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