VeChain, at the time of penning down this analysis, was trading at $0.005263. Earlier this week, we had seen Bitcoin and most of the major altcoins soaring with a good height. However, we do not see the same momentum in that of VET coin as it could only mount at $0.0057. Accordingly, there has been a plunge in the trading volume and the market cap of the currency.
Unfortunately, Bitcoin’s price is also exhibiting a declining price channel, and so is VeChain. The coin’s current trading zone also lacks imminent support from that of the daily moving averages.
VeChain Price Analysis
Taking a glance at the 4-hourly movement of VET/USD on Binance, we see that the coin is quite volatile and therefore, short-term trading is the best resort. In the previous month, VET price mounted as high as $0.00810 forming a double top after November’s price surge. However, since then, the coin is experiencing a continuous pull back and is lacking a steady momentum to hit the major resistance above $0.0060.
The 20-day Bollinger Bands are seen squeezing, which means that there happens to be a probability of hitting either band. Since VeChain is experiencing a fall, the price trend is hitting the lower Bollinger Band. Also, it lacks steady support from the 10-day, 50-day, 200-day and Bollinger Band Basis.
The technical indicators laid confirm the bearish crossover that VeChain holds as the signal line cuts the MACD line.
The RSI of the coin is at 45.04 and holds no training at present but is seen declining towards the support.