VeChain (VET) Struggles Amid Crypto Market Turmoil, Sees 6% Recovery

As the correction in the cryptocurrency market continues, VeChain (VET) is looking to recover, up 6% in the past 24 hours. Despite this recent rise, the past month has seen a significant pullback with a 32% drop, facing a drop of around 10% in the last week alone. Currently, VeChain is facing strong resistance at $0.0211, which acts as a barrier to a decisive upward breakout.

Crypto analyst Yapper recently Analyzed VeChain (VET) versus the US Dollar (USDT) on the weekly timeframe suggests a key milestone for the token. He suggests that VET has been declining over the past few months and is currently hovering around a key support level and is looking to hold a position above this key threshold.

Currently, the price of VET is around $0.0238, down from its highest price of $0.0264 during the same week. Analysts point out that if VET closes the week below this support level, it could signal the possibility of further declines. Conversely, closing above the support would be interpreted as a bullish signal, suggesting a possible reversal or stabilization in the short term.

VET Price Prediction

Currently, VET price is at a critical juncture. If the critical support at $0.0211 is broken, the token may drop further and target the $0.018 support level if the bearish pressure continues. Further declines could test the $0.015 level, highlighting the importance of sustaining above this level.

Meanwhile, immediate resistance lies at $0.027 and $0.037. Experts suggest that if VET surpasses the $0.027 peak recorded on July 1, the bullish momentum could see the token rise to its June high of $0.037. Overcoming this resistance will be crucial for achieving a sustained recovery and upward trajectory.

The Relative Strength Index (RSI) is at 35.34, approaching the oversold level, suggesting that selling pressure is nearing exhaustion and may attract buyers. However, the Moving Average Convergence Divergence (MACD) indicator is showing a bearish trend, with the MACD line crossing below the signal line and the histogram bars turning negative, suggesting that the bearish momentum may continue in the short term.

VeChain is at a critical balancing point between recovery and further decline, and the market’s reaction to key support and resistance levels will likely shape VET’s short-term trajectory.

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