- VET price is correcting down after the 5-day long mild price surge
- The coin has formed lower highs over the last couple of days; current momentum of the coin is bearish
- The bullish trendline has been breached before the coin closed on January 28
- The coin is likely to find a support level soon to strike a price rebound at least above $0.0059
VeChain has shown a weak price rise since the year start. The coin is on a bullish spree since January 23, according to the monthly chart; however, VET is correcting down since today morning.
VeChain Price Analysis
VET coin opened at $0.00555, and after plunging a bit at $0.00550, it steadily escalated and reached as high as $0.0059. The coin has noted an increase of 8.21% within around two days. Notably, VeChain is forming lower highs since yesterday with a negative bias.
Here, the MACD indicator is in the bearish zone with its MACD line on the upside. RSI is at 61 and is moving downwards.
VET has noticeably surged till mid-January as it had a bullish breakout above $0.00648 on January 17. After forming a head-and-shoulder pattern, it started a downtrend. The coin has found a support level at $0.0054 and is rebounding from there at the moment. Meanwhile, Bollinger bands are indicating towards upcoming volatility. It is to be seen whether the price trend of VeChain takes this volatile hit in a bullish way or not.