VET Price Analysis: Bulls dithering to be the cause of VeChain’s fall

•VET/USD is currently priced at $0.022 and has increased by 2.30% over the past day

•The trading volumes have decreased by 11.24% over the past day

•The technical indicators suggest a hawkish outlook for the near term

Short Term View: VET bulls brought down to their knees

Source: VET/USD by TradingView

The VeChain price today is $0.022356 USD with a 24-hour trading volume of $42,698,193 USD. VeChain is up 2.30% in the last 24 hours. The trading volumes have decreased slightly over the past day whereas the volume to market cap ratio stands at 0.02634 for the altcoin.

As the VET bulls have taken their foot off the gas pedals, the lurking bears have wrested back control from them and the asset now looks to be on the wane. The bearish sentiment prevailing in the market has led to the VeChain price to transact below the 20,50 SMA on the four hour chart. The threat of the bears will be nullified if the asset is able to break out of the resistance located at $0.030. This outcome, however, doesn’t seem plausible in the near term as the bears are in the lead and will be looking to breach the $0.020 support level in the coming hours and days.

Long Term View for VeChain

Source: VET/USD by TradingView

The RSI for VET is under the pressure of the bears and has succumbed to move below the 14 day average line. It is currently transacting at 42.96 and heads ever so rapidly to the oversold territory. The presence of the red histograms on the daily chart as a result of a bearish crossover further hammers home the bearish standpoint. The MACD and signal lines have succumbed to the bearish powers as well and look on course to fall deep into the negative territory over the coming days as the bulls have dithered in their endeavors.

Conclusion

Amid the wider market turbulence going on in the market, Vechain has been put under immense pressure by the sellers. The asset has been unable to attract the requisite number of buyers and looks on course to continue on its downward trajectory.

Support: $0.020-$0.015

Resistance: $0.026-$0.030

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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