VeChain Price Reflects Losses from 4-Month High of $0.019

VeChain is seen pulling back from the recent 4-month high when the price climbed as high as $0.0198, but with a clear rejection, it is currently trading at $0.0159. VET coin, just like any other altcoin of the market, corrected downwards in lieu of the largest cryptocurrency of the market, Bitcoin, trading with daily lows below $23k.

VeChain price started strengthening since the beginning of the previous month after a gradual downtrend recorded straight after the price hit the YTD high at $0.0232 in August. Even though the VET price lost momentum in the previous week, it held active support at $0.014 and refrained from nosediving below it.

VeChain Price Analysis

VeChain News
VET/USD Chart By TradingView

At the press time, VeChain was seen trading at $0.0159 after recovering from daily lows at $0.0145 and is retaining clear support from 50-day and 200-day daily MA at $0.0143 and $0.0139, respectively. With a bearish candlewick, the VET/USD price trend breached the lower Bollinger Band.

VeChain was seen hitting major resistances and had hit a YTD high in August when its price movement lured a major investor base. However, due to the current investor base, the MACD of VeChain reflects a clear bearish divergence; the RSI is lying at 50.09 and is seen hitting no trading extremities.

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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