VeChain Price Triggers with a Downfall below $0.010 Bringing Fresh Hopes from Starting of the Month

  • Vechain was able to avoid any further downfall below the crucial price mark of $0.010 which could have to revived investor’s positive sentiments. 
  • The VET/BTC pair is performing significantly positive with an overall gain of 2.28% bringing the current level to 0.00000075 BTC 
Source: Coinmarketcap

The weekly performance chart of VeChain highlights the gradual downfall faced by its price levels during the past week. The downfall started from the price level of $0.0120 and nearly forced the levels to break below $0.010. However, the revival of positive sentiment in the overall market conditions came at just the right time and helped the crypto asset to turn green. The CMP is placed at $ 0.0103 with an overall gain of 1.04% resulting in an increase in the market capitalization by 4.21% and the 24-hour volume traded had an increase of 5.00% over the day. 

Technical Levels Gaining Bullish Levels Amid Positive Momentum by VeChain

Source: Tradingview

The technical chart of VeChain highlights the price recovery action made by the crypto asset in the past month which is later followed by a significant correction during the end of the month. The retracement table shows that the coin is facing major resistance which is placed at 0.236 fib level and having major support at 1.00 fib level. 

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The moving average convergence & divergence has a bullish crossover which is expected to provide more positive momentum to the digital asset in the upcoming trading sessions. 

The relative strength index (RSI) avoided a downfall to the oversold region and is currently gaining bullish levels standing at 55.80. 

The directional movement index (DMI), however, not moving along with the market forces as ADX (13.96) is on a significant downtrend. 

Will VeChain Gain New Levels for the Month? 

VeChain has already suffered significant price damage during the past month which will be looking to recover if it is able to sustain the current positive momentum. However, the bulls need to be in continuous momentum as the digital asset is having the nature of getting consolidated very quickly. 

Resistance level: $0.0130

Support level: $0.0100 & $0.0098 

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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.

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