Price Analysis

VeChain Dips Below $0.0060, Yet Exhibits Bullish Divergence

  • VeChain price trend appears stable yet bearish as it trades at $0.00560 on Bitfinex
  • VET/USD slides below 38.20% Fib Retracement Area as it falls from the 30-day high marked at $0.00652
  • The current price is expected to have a volatile breach in the upcoming days as the coin has already tested supports around $0.00510

VET coin is trading quite volatile as observed from the 4-hourly movement of the coin. The currency has hit two extremities in a 28-day time frame, i.e., testing support around $0.00510 after hitting a 30-day high at $0.00652.

VeChain Price Analysis

VET News
VET/USD Chart By TradingView

Analyzing the 28-day price trend, we see that the VET coin is dipping towards the same price zone from where it started growing and has again slid below $0.0050 as it trades at $0.00560. Impressively, the price of VeChain temporarily grew by over 28% in the early half of the month as it recorded a fresh 30-day high at $0.00652 from the 30-day bottom at $0.00508.

The 20-day Bollinger Bands laid indicate towards the upcoming volatility as the bands widen and fail to retain the support from daily moving averages. The current trading price ought to face resistance at $0.00588 i.e., the 50-day daily moving average to have a persistent trade above $0.00600.

Technical Indicators

The other technical indicators laid confirm the bullish divergence as the price of VeChain grows from $0.00510, and therefore, the MACD line cuts the signal line from below.

The RSI of the VET coin is at 45.99 and is no withholding any trading extremities at present.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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