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
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.