It is getting common for altcoins to lag behind their moving averages at support zones, but it is not normal for them to fail to break there. This is what we are experiencing with VeChain-VET (VET/USD) after the move to the support zone at $0.069, where the pair broke the resistance zone at $0.068. Currently, the pair is trading below $0.068, which confirms that the support zone has been broken, and the pair is bound to move down.
After a long series of bounces from the bottom, the VET/USD pair finally broke the $0.068 support level in the last week of June 2018. The pair gained traction in the first half the month, but failed to hold its gains in the second half. As a result, the pair fell to a local low at $0.058 on 27 June. The price bounced above the moving averages in the next few days, but the momentum stalled again in the last week of the month. The pair is still within the interest of a long term buy and hold strategy, but a cautious trader may want to consider a short term pull back.Summary of the situation
- The analysis of Vechain’s stock price during the last two days was bearish.
- VET/USDT volume falls below average trend line on Wednesday
- The currency is looking to break through the 200-day simple moving average at $0.092.
Price analysis in Vechan: General price list
Vechain’s price analysis over the past two days was bearish until today, when the currency broke through the $0.07 barrier. Traders are expecting an uptrend and small gains in the short term, which will benefit day traders and swing traders.
However, a small breakout is not an indicator of a bullish outlook, but could support a medium-term recovery. The weekend is fast approaching and there is no telling which way it will go.
The Relative Strength Index shows indecision at 47, but is in overbought territory for most of the two-day chart.
Trading volume fell below the average trend line on Wednesday, indicating improvement in the coming sessions.
Moreover, the price has fallen below a pair of moving averages and needs strong buying pressure to get back above the solid resistance of the 20-day moving average.
Vechain price movement in the last 24 hours: Price barrier at $0.069
The Vechain price analysis has moved away from immediate support at $0.065 and is now trying to break through resistance at $0.069.
The currency overcame resistance in the early hours of the morning, but the bulls could not prevail in the face of a growing concentration of sellers.
Vechain has been trading in a head and shoulders pattern since this morning with a neckline above the price barrier. The high point is at the daily spread around $0.0705.
Source : TradingView
The current area represents an improvement on the 5-day chart since the beginning of the week, when the currency reversed the upward sloping wedge of last week’s bearish triangle.
The VET/USDT trading pair is targeting a breakout of the 200-day simple moving average at $0.092; this implies an increase of about 25% from the current price. On the other hand, the bears are trying to break the important support and reach the lows around $0.053.
4-hour VET/USD price chart: Development of bearish weakness
At the time of writing, the VET/USDT pair is trading at $0.06850 and hovering around $0.068 and $0.069 throughout the session. A continuation of the current price trend could lead to a retest of $0.065 if the downtrend channel develops.
Analysis of the Vechain price on the 1-hour chart shows a downward trend, with the bears making a massive show of intercepting any short-term positive signal. Moreover, the hourly RSI has entered the overbought territory, suggesting that the bulls are gaining momentum to overcome resistance at $0.069.
Source : TradingView
Price analysis of the completion ofVehain
Overall, the analysis of Vechain’s stock price is bearish, as it has been for the past two days. There are positive signs of a recovery and as the weekend approaches, traders can expect increased volumes, which could then lead to an increase in the price of the currency.
Denial. The information provided does not constitute commercial advice. .com accepts no liability for any investment made based on the information provided on this site. We strongly recommend that you conduct independent research and/or seek advice from a qualified professional before making an investment decision.
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