VET Price‌ ‌Analysis:‌ vechain token downtrend heading towards weekly low

  • Vechain token is continuously trading on a bearish note while making higher highs and lower lows and facing strong rejection of 20-DMA
  • The crypto asset over the monthly chart is trading below the all vital moving averages of 20, 50, 100, and 200-DMA while facing a strong hurdle of the 20-DMA line.
  • The pair of VET/BTC is trading under loss of -1.58% at 0.000002185 BTC, and the ratio of VET/ETH is dealing with slight selling pressure at 0.00003637 ETH with a 24-hour change of -0.62%.
TradingView

Vechain token, over the monthly chart, is trading on a bearish note and continuously facing intense selling pressure. The coin over the chart is now reaching its weekly lows, and the sell-on-rise trend is still intact.

Moreover, the volume needs to improve in upcoming sessions as it falls below the average line in the forthcoming trading sessions. Similarly, the coin falls below all vital moving averages of 20, 50, 100 and 200-dam, while facing strong rejection of the 20-DMA line. Support on the lower side is at $0.0650 and $0.0560, whereas resistance on the higher side is $0.0940 and $0.1070.

Vechain token is trading near its immediate support zone 

Tradingview

Vechain token, over the weekly chart, is trading near its immediate support zone between $0.0650 and $0.0690. The coin continuously trades on a bearish note and now reaches near its support or oversold area. Volume over the chart is lower, which falls below the average line and needs to improve in upcoming trading sessions. Technical parameters are still flat with no sign of any clear momentum, and volume is also balanced. Currently, the coin is trading at $0.059 with an intraday loss of -4.52%, and the volume to market cap ratio is at 0.08894.

Relative Strength Index (oversold): Vechain token price RSI presently indicates a slightly bullish or flat trend over the weekly chart. In contrast, the RSI is CMP near oversold levels at 34.25.

Moving Average Convergence Divergence (mixed) currently indicates a sideways or flat trend on the daily chart. This is because the seller’s line (red) and the buyer’s signal line (green) overlaps.

Support levels: $0.0650 and $0.0560

Resistance levels: $0.0940 and $0.1070    

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