Vechain Price ‌Analysis:‌ Vechain Token Brokenout From Falling Trend Line CMP Near 20-DMA

  • Vechain token breakout from the falling trend line after a long time while facing rejection of the 20-day moving average line.
  • The crypto asset over the monthly chart is trading below all important moving averages of 20, 50, 100, and 200-day line, and 20 & 50-DMA is acting as a mid-term hurdle. 
  • The pair of VET/BTC is trading on a bearish note at 0.000002052 BTC with an intraday loss of -3.59%, and the ratio of VET/ETH is CMP at 0.00003284 ETH with a slight loss of -1.73% 

Over the monthly chart, the vechain token is trading on a bearish note, but the recent price action breaks its falling trend line. The crypto asset at the monthly chart has broken out from the falling trend line, but the volume action is lower. 

VET token is presently facing a 20 and 50-DMA line hurdle while trading below all essential moving avengers of 20, 50, 100, and 200-DMA lines. Volume at the monthly chart is lower and is trading near its average line, which needs to improve in the upcoming trading sessions. Support on the lower side is at $0.06200 and $0.05600, whereas resistance on the higher side is $0.08670 and $0.09830. 

Vechain token is facing rejection at the higher levels

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Over the weekly chart, vechain token is facing rejection at the higher levels. After a sharp rally, the crypto asset is now facing significant selling pressure at higher levels, and the technical parameters also suggest some weakness. The volume at the 4-hour time frame is lower and needs to improve in the upcoming trading sessions. 

Presently, the vechain token is trading at $0.06900 with an intraday loss of -1.40%, and the volume to market cap ratio is at 0.1101.

Relative Strength Index (CAUTION): vechain token RSI presently indicates a slight bearish or negative trend over the weekly chart. In contrast, the RSI is heading lower after testing the overbought zone and now heading lower CMP 52.    

Moving Average Convergence Divergence (CAUTION): This currently indicates a neutral or cautious trend on the daily chart. This is because the buyer’s signal line (orange) overlaps the seller’s line (blue) with no sign of clear momentum. 

Support levels: $0.06200 and $0.05600

Resistance levels: $0.08670 and $0.09830.     

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Pratik Chadhokar
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.

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