Vechain Price Forecast: VET Price Action Signals For Downtrend

technical levels suggests panic selling for VeChain
  • VET price forecast downtrend from $0.09832 to $0.07762 on Thursday’s trading session
  • The 24-hour volume in VET is at $1,411,592,507 with a 15.64% increase
  • The VET/BTC pair was trading at 0.000001529 BTC with a loss of 2.47%
Source: VET/USD on TradingView

The 4-hour technical chart of VET price action forecasts a downtrend. According to pivot points, VET’s critical support level is placed at $0.07143. Whereas if it moves up, the key resistance level to watch is $0.09832. While diving into the weekly chart of a 4-hour time-frame, it completes a shooting star candlestick pattern.

SMA-20, 50 & 100 acts as another strong support in the coin. SMA-20 (purple) is coming close to SMA-50 (white), which projects a bearish trend, may happen soon. The price is also going to break SMA-100 (yellow). Investors may perceive a negative crossover in the SMA in future, and the price will also follow the negative trend.

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RSI indicator (BEARISH), with a value of 36.70, indicates a sell signal in the coin. Moreover, Investors can see a negative slope in the index from 62 to 36, and it may plunge in future trading sessions.

VET Price Action May Give Crossover In SMA

VET price traded at $0.07762 with a loss of 13.66% in the last 24-hour and 2.74% down in the weekly time-frame. Furthermore, VET plunges from the resistance of $0.09832. In contrast, the market capitalization stands at $4.99 billion. Technically, investors can perceive a negative crossover in SMA in the future trading session. Moreover, the price movement can be towards the support of $0.07143.

Resistance: $0.09832

Support: $0.07143

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Nikhil Ingole
Mr, Nikhil Ingole is a cryptocurrency technical analyst with over seven years of technical analysis trading experience in Forex and Indian stock market. As a commerce graduate, he has taken a keen interest in blockchain's future potentials in the financial industry. He possesses strong technical, analytical skills and is well known for his financial market's informative analysis. Other than crypto, Nikhil Loves to watch his favorite football team and keep up to date with the latest Formula 1 racing.

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