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
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.