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- The VeChain coin (VET) is trading near the $0.021 support level.
- VET price lies just below the middle band of the Bollinger Bands indicator on the daily price scale.
- The bears are getting ready to draw VET prices near a bearish trend line once again.
VeChain price is looking under a wide horizontal range of resistance from $0.021 to $0.034. The price has remained in this range for the past month, which is indeed a huge consolidation phase.
Despite staying in the wide horizontal range, bears are dominating the asset price and selling it at 60-day high. As a result, the coin remains below the bearish trend line (bottom of the chart) in terms of the daily price scale. But traders can see a breakout at any time as the trading range is gradually narrowing.
Against the USDT pair, the Vecahin coin is trading at $0.0231 mark at press time along with a 1.5% intraday drop. Although, the hourly price chart shows little price recovery along with higher-low formation. Thus, the VET crypto along with the Bitcoin pair is looking neutral at 0.000001186 satoshis.
Trading volume is suggesting more price accumulation below resistance trendline and above the buyers’ hedge zone. Overnight, trading volume was recorded neutral at $61.3 Million. However, VET value remains just below the mid-band of Bollinger bands indicator over daily price scale.
In terms of the daily price chart, the Stoch RSI indicator is going into overbought territory suggesting a positive trend in the price. Conversely, MACD is flat in negative territory. There is no strong positive signal as of now which helps the bulls to cross the bullish hurdles.
Conclusion
If the bulls break the bullish trend with massive trading volume, VeChain could deliver decent returns in the upcoming trading sessions. Buyers expect a rally of around 35% if the bulls recover from the ongoing selloff.
Support level- $0.021 and $0.015
Resistance level- $0.034 and $0.080
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
