Another Sell-Off? VeChain Falls 24% in Just Three Days
Working on a unique cryptocurrency development model, Vechain has both the potential and ability to improve in the long term. VET being the smart money needed to execute blockchain operations is both difficult to predict and is devoid of market speculations. At present VeChain holds over 64 billion tokens with a combined market capitalization of $7.5 billion. VeChain price is down by over 12% in the last 24 hours from its recent peak, but every week, it is trading marginally positive at 6%.
VET Price Analysis
VET is trading in a negative trend over the last three days as it clashes with the trend line it has respected for the last month. One can expect the VeChain price to take support from the trend line followed by previous swing highs. Even breaking these two levels brings another long-term support level of 200 Day moving average at $ 0.1048.
However, the current price action has given inception to a bearish crossover that can push the VET price below the 200 DMA turning negative even on broader time frames of daily charts. Any downside should be taken advantage of to accumulate VET tokens for the future but it has to be an average out buying and not accumulated at just one place. MACD bearish crossover can be disastrous for those who have bought at the recent peaks but since it is close to breaking the trend line too, one should wait for some time before attempting to make trades.
VeChain will be breaking its 200 DMA in a big red candle or retrace to higher levels. But it will be extremely risky to make positions at the current unclear price momentum.
On hourly charts, the VET token is trading near the lower band of the Bollinger band indicator indicating a negative sentiment on the hourly time frame. But interestingly, MACD has moved in the negative axis with a mixed crossover waiting for a bullish crossover to be formed on a smaller time frame.
Based on our VET price prediction, such mixed indications should be taken seriously, and one should ideally wait for some time before attempting to make a fresh entry. At current levels, we expect a pullback even if there is to be continued profit booking.