VeChain’s price analysis shows that the price action has not fully recovered after falling to $0.0800 and the price is still trading below $0.900. VET is down to $0.0860 on the day and although the price has rebounded, the downward pressure is still weighing on the price action.
The broader cryptocurrency market has seen mixed market sentiment over the past 24 hours as most major cryptocurrencies are divided into positive and negative moves. Key players included Hex, which was up 11.27 percent, and Elrond, which was down 8.31 percent.
As for the technical indicators, the MACD is currently falling, which is reflected in the red color of the histogram. However, the indicator’s light color indicates fading downward momentum as VET rebounds to $0.0880. Currently, the indicator is showing a low bearish momentum which could move up if the price rises to trigger the $0.090 resistance level.
The EMAs are currently trading near the averages as the price action has been weak for the last five days. During the press, the 26-EMA traded horizontally, which indicates that the medium-term chart has a high degree of stability as the price oscillates on the short-term chart. Meanwhile, the 12-EMA is moving down a steep gradient but is now showing a change in slope as the bulls managed to hold on to the 0.0850 USD support level.
The RSI is hovering near neutral territory and trading near its 50.00 average. On pressing, the indicator moves up 38.09 index units and shows a low pulse in the short-term chart. In addition, the lslope indicates that gains are slowly gaining the upper hand on asset price action.
Bollinger Bands are tight at the moment as price action keeps volatility low on short term charts. The recent rebound of $0.0850 implies further consolidation leading to further convergence of the band. During the press, the band offered customer support at $0.08348 while the midline of the band provided resistance to the bulls at the $0.09100 mark.
Overall, VeChain’s 4-hour price analysis sends a strong sell signal as 14 of the 26 most important technical indicators show support for declines. On the other hand, only five indicators support the gains, indicating that there is no significant buying activity in the market. Meanwhile, the other seven indicators are on the fence and giving no signal while writing.
VeChain’s 24-hour price analysis shares this view and shows 15 indicators of a further downward movement against two indicators, indicating an upward movement in the medium term chart. The analysis once again confirms the bearish dominance of vocational training. At the same time, the nine indicators do not support any country in the market.
VeChain’s price analysis shows that the current price movement is consolidating below $0.1000 as traders speculate in the market. Currently, both sides of the market are struggling for dominance as trading volumes increase while volatility remains low.
For now, traders should expect VeChain price analysis to rise to $0.0900, creating resistance for buyers during the press release. Short-term indicators show selling to the upside indicating a further upward move to the $0.1000 line. However, the medium term technical remains bearish, suggesting further declines. If vocational education cannot exceed $0.0900, the price may drop to the $0.0800 support.