Since late January, VeChain has been trending lower, at least in terms of price. In terms of volume, though, VeChain has been showing more strength, as evidenced by the fact that the volume of VeChain has been increasing since it bottomed. On January 23, VeChain found support at $0.11. As we enter February, VeChain is currently trading at $0.12. Will it break through resistance and be free to rise higher, or will it break down past $0.11 and find a new low below $0.11? Only time will tell.
According to our VeChain news today, the cryptocurrency has been trading in an extremely narrow range for more than a month now, and this week we see the price of VET testing the upper boundary of that range. It looks like the market is preparing for another dip in the next few days, down to the $0.0885 level, if the bears remain in power.
VeChain has been on a major downtrend since its all time high of $4.72. It is currently at $0.12 and has been trading between $0.09 and $0.10 since May. It seems like it is gearing up to fall further, as it is forming a descending triangle on the 4-hour chart, with support moving from $0.09 down to $0.08. The volume of VEN is also pretty quiet at the moment, with both the 24-hour volume candle and the 7-day volume candle lower than its 50-day volume average. We hope you enjoyed this blog post. We will be posting a new blog post every work day (Monday-Friday).. Read more about vechain price predictions 2021 and let us know what you think.Summary of the situation
- VET reached a low of $0.07 yesterday.
- The ETV/USD remained stable around $0.12 overnight.
- VeChain is preparing for another downward move.
Today’s price outlook for VeChain is bearish, as the market failed to break above $0.12 last night and is now starting to form a base from which it will fall later today. We therefore expect further declines in the next 24 hours. Crypto-currency heat map. Source: Coin360 The general market is up today, but bitcoin remains relatively stable. Ethereum is up nearly 7% and the Matic (MATIC) network is up nearly 20%. VET/USD opened at $0.112 today after yesterday’s strong close. After reaching $0.12, there was no further growth. As a result, the market is expected to move lower towards the support zone around $0.06 in the next 24 hours to form a new higher low.
VeChain price movement in the last 24 hours
The price of VET/USD was trading in a range of $0.1045 – $0.1202, indicating good volatility. Trading volume fell 17.35% in 24 hours to $1.565 billion. The total market size is about $7 billion, putting the cryptocurrency at number 20 overall.
4-hour ETV/USD chart
On the 4-hour chart, we can see that the price of VeChain is preparing to fall now that another rise has failed. 4-hour chart VET/USD. Source: TradingView Overall, the market remains in very strong bearish momentum in recent days. After hitting a new all-time high at $0.28, the market fell more than 80% until support was found at $0.05. From there, there was a quick rise to the $0.14 level last week as the bulls tried to regain some momentum. However, the bears quickly took control of the price action over the weekend, leading to a further push towards the $0.06 support level. This time, a higher low was reached, suggesting that the overall dynamics of VeChain’s price action could change later this week. First, VET/USD still needs to form a higher low and break through the $0.12 resistance level. Once this happens, the market will move higher in the coming weeks.
VeChain Price Forecast: Supplement
VeChain’s price outlook is bearish, as the market laid a foundation below the $0.12 resistance level last night. Therefore, we expect VET/USD to move lower in the next 24 hours and try to form a new low. While we wait for further price movements of VeChain, check out our guides on several other major altcoins – Zcash, Litecoin and Ethereum. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.If you’ve been keeping up with the news lately, you’ve likely heard of VeChain. The company (formerly known as VEN) had a fairly successful token sale at the beginning of the year, and is making waves in the cryptocurrency community. But, what does the general public think? Is VeChain a good investment? Is the company here to stay? The answers to those questions depend on whom you ask. But one thing’s for certain: VeChain isn’t going anywhere anytime soon, and the prospects for growth, at least in the short term, look bright.. Read more about vechain price prediction 2022 and let us know what you think.
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