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- 1 The RSI took support at the 14-SMA, illustrating a recovery in the curve from the oversold zone to the overbought zone.
- 2 VET’s 24-hour trading volume on all trading platforms amounted to $44.74 Million.
The price structure of VeChain crypto has shown an upside trend since the last week of October 2023. It generated higher high peaks and lows until it reached the supply level at $0.0511.
VET made three unsuccessful attempts to move past the resistance at the supply level. It gradually plunged and later found support at $0.03300 by mid-May 2024.
VeChain (VET) 1.D. | Source: TradingView
However, VET stabilized and consolidated at the critical support level of $0.03300 for the next two months. It found strong support at this level, but the bears stepped in again, smashing this support. The price reached the previous resistance-turned-support at $0.02395 on the daily chart by June 18th, 2024.
Indicator Overview of VeChain (VET)
The VeChain price chart shows dynamic resistance pushing the crypto downwards. MACD is below the zero line in bearish territory, and the RSI is below the median line.
Notably, VET as it surged 2.37% and is slowly approaching the dynamic resistance. Similarly, the MACD generated a bullish cross, with the histogram at 0.00027. The RSI flashed at 40.32, as it took support from the 14-SMA, showing a recovery from the oversold zone to the overbought zone.
Indicators Vechain (VET) 1.D. | Source: TradingView
Overall indicator analysis implies that the VET asset was in a bearish state, and despite all of this bearishness, the price has been showing traits of a bull run.
Despite all significant indicators being bearish, the support seems very strong. If buyers step in, a bullish rise is likely.
VeChain (VET) Price Forecast!
At press time, VeChain was trading at $0.02672 with an intraday gain of 0.49%. This week saw healthy performance. Thus, overall price performance symbolizes that the overall trend was bearish, but this week has witnessed some optimism in price.
Its circulating supply is 80.99 Billion, its market cap is 2.17 Billion, and its 24-hour trading volume on all trading platforms amounted to $44.74 Million.
Therefore, if the price breaks the major support, the decline could lead towards $0.020000 and $0.015000.
On the flip side, if the price manages to jump from the support zone for the upside, it could break EMAs’ dynamic resistance and aim toward the upper boundary and beyond. Thus, it makes the resistances at $0.033000 and $0.045000 levels.
Summary
The VeChain price structure has shown an uptrend since October 2023, reaching a supply level of $0.0511. Despite facing resistance, it found support at $0.03300.
At prss time, MACD and RSI were bearish, but recent increases in price suggest a bull run could appear in the future.
If buyers support the asset, $0.033000 and $0.045000 could act as resistance levels or the crypto could decline to the $0.020000 and $0.015000 levels.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
