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- 1 VET price chart shows a trend reversal and may continue to face selloff.
- 2 Technical indicators are suggesting a possible decline toward the 200-Day EMA mark.
The Vechain coin (VET) price indicates a trend reversal, shedding over 30% of gains amid selling pressure. The chart indicates the breakdown of a rising wedge, the coin has broken the lower trendline support zone and slipped to the 100-Day EMA support zone. Furthermore, the price action shows follow-on selling pressure along with a fresh lower high swing.
At press time, the VeChain coin (VET) price was trading at $0.03715 with an intraday drop of 10.67%, indicating selling pressure on the charts. It has a monthly return ratio of -44.88% and 51.89% on a yearly basis. The pair of VET/BTC is at 0.000000591 BTC, and the market cap is $2.47 Billion. Analysts are neutral and suggest the VET coin may continue to slip and may retest the 200-Day EMA mark soon.
VeChain Price Indicates Selloff With Volume Spike
The chart shows that the VET coin has started forming fresh lower high and lower low swings and is delivering bearishness in the last sessions. Moreover, the coin has slipped to the 100-Day EMA and is reflecting seller dominance on the charts. Additionally, the selling comes amid a volume spike which suggests investors could be looking to retrieve profits aggressively.
Price Volatility Noted Sharp Rise, What Does It Mean?
Following the price drop, the volatility rate gained pace and surged by over 210% to 0.077 this week amid the selloff. Moreover, the price action indicates a possible downfall ahead toward the 200-Day EMA mark. Conversely, the total weighted sentiment is neutral and is close to the midline of 0.283.
Social Dominance and Social Volume Noted a Drop
Per the Santiment data, the coin has witnessed a decline in the social dominance data and the value dropped to 0.111%, reflecting the drop in investor interest. Likewise, the social volume data also fell by over 80% to 76, replicating a negative outlook.
What Does Development Activity and RSI Suggest?
The above data shows that the VET coin has had a consistent growth in the development activity over the past weeks. However, the value slightly dropped by over 2% to 9.71 this week. Additionally, the contributors count remained steady and is noted around 2.80.
The RSI curve slipped to the midline and is revealing a negative crossover indicating the selloff on the charts. Moreover, the technical indicators are suggesting a weak outlook for the upcoming sessions.
Per the Fib levels, the VET price has fallen below the 50% zone and is close to the 38.2% zone. The total supply of the VET coin is 85.99 billion, and the volume to market cap ratio is 0.0577.
Summary
The VeChain coin (VET) is undergoing a trend reversal and is facing selling pressure, leading to the retesting of the 100-Day EMA mark. Additionally, the channel breakdown may stretch the fall and may drop the coin price toward the $0.03000 mark soon.
Technical Levels
Support Levels: $0.03500 and $0.03000
Resistance Levels: $0.04000 and $0.04200
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
