- VeChain price analysis suggests recovery to the $0.02600
- The closest support level lies at $0.02244
- ADA faces resistance at the $0.02696 mark
The VeChain price analysis shows that VET has finally found support at the $0.02200 mark, which has caused significant bearish pressure to subside. However, it is unlikely that the asset would show a sharp recovery since the trading activity remains low in the short term.
The broader cryptocurrency market observed a bearish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include ETH and BTC, observing a 17.29 and a 14.89 percent decline, respectively.
VeChain price analysis: VET finds support at $0.02200
The MACD is currently bearish, as expressed in the red color of the histogram. Moreover, the indicator shows strong bearish momentum as observed in the high depth of the histogram. However, the indicator’s lighter shade suggests a decreasing bearish momentum as the price action finds support around the $0.0200 mark.
The EMAs are currently trading below the mean position as net price movement over the last five days remains negative. However, the VET market finds support across the short-term charts, and the EMAs are recovering, with the 12-EMA taking the lead. At press time, the 12-EMA is converging with the 26-EMA as selling activity decreased in recent hours.
The RSI was trading in the neutral zone since 30 May as the price volatility for VeChain dwindled across the short-term charts. However, yesterday the indicator dived into the oversold region as. The indicator is currently moving upwards as the price action finds support at the $0.02200 mark. However, strong bearish pressure still weighs on VET markets.
The Bollinger Bands were narrow until June 10 but then exhibited sharp divergence as the price action observed sharp volatility. Currently, the indicator is still expanding to facilitate the sharp bearish activity. At press time, the lower limit provides support at the $0.02244 mark while the mean line presents resistance at the $0.02696 mark.
Technical analyses for VET/USDT
Overall, the 4-hour VeChain price analysis issues a sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, seven of the indicators support the bulls showing a significant bullish presence in recent hours. At the same time, five indicators sit on the fence and support neither side of the market.
The 24-hour VeChain price analysis shares this sentiment and issues a strong sell signal with 16 indicators suggesting a downwards movement against only one indicator suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, nine indicators remain neutral and do not issue any signals at press time.
What to expect from VeChain price analysis?
The VeChain price analysis shows that after being rejected at the $0.03400 mark, the bulls were unable to generate momentum, and after struggling around the $0.0300 mark for the next few days, the bearish momentum took over. However, the bulls now find support at the $0.02200 mark, and further downwards movement is unlikely in the short term.
Traders can expect VET to observe sideways movement as the bearish pressure evaporates at the $0.02200 support level. Furthermore, the selling activity is decreasing as trade volume dwindles. Traders should expect movement between the $0.02200 and the $0.02600 mark, with room for further upwards movement.