VET Breaks Key Support Below $0.032 – Bearish Trend Imminent? | Bitcoinist.com



VeChain


(VET),
a
leading
blockchain
platform
known
for
its
supply
chain
and
logistics
solutions,
has
recently
experienced
a
significant
price
movement.
The
cryptocurrency
has
broken
below
the
critical
support
level
of
$0.03289,
a
development
that
signals
the
persistence
of
its
ongoing
downtrend.


This
breaking
of
support
is
a
bearish
sign,
indicating
that
there
is
still
a
lot
of
selling
pressure
and
that
more

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drops


could
be
on
the
horizon.
A
number
of
causes,
including
general
market
conditions
and
particular
difficulties
facing
the
VeChain
ecosystem,
have
contributed
to
the
price
decline
of
VET.


Currently,
the
price
of
VET
is
down
by
-0,61%,
trading
at
about
$0.03266,
with
a
market
capitalization
of
over
$2.3
billion
and
a
trading
volume
of
over
$88
million
as
of
the
time
of
writing.
Although
its
market
capitalization
is
down
by
9.28%,
its
trading
volume
is
up
by
36.06%
in
the
past
day.


In
this
article,
we
are
going
to
dive
into
what
could
be
VET’s
next
price
destination
with
the
help
of
indicators.


VET
Price
Analysis
Using
The
100-Day
SMA
And
RSI
Indicator


The
price
of
VET
is
currently
trading
below
the
100-day
Simple
Moving
Average
(SMA)
on
the
4-hour
chart,
following
a
steep
decline
that
saw
it
breach
the
$0.03289
support
level.
This
break
of
this
key
level
might
signal
a
further
decline
in
prices.

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Also,
given
that
the
Relative
Strength
Index
(RSI)
line
is
trending
below
50%
after
making
a
sharp
drop
below
it,
the
RSI
indicator
indicates
that
the
crypto
asset
might
continue
in
its
bearish
direction.


An
observation
of
the
chart
from
the
daily
time
frame
reveals
that

VET
is
currently
bearish
and
might
continue
to
be
bearish
based
on
the
drop
in
price
on
the
previous
day.
In
addition,
the
asset’s
price
is
also
trading
below
1-Day
SMA.


Lastly,
the
1-Day
RSI
also
confirms
that
the
coin
might
continue
in
its
bearish
direction
as
the
RSI
line
is
trending
below
50%
making
a
move
toward
the
oversold
zone.


Prospects
For
VeChain’s
Future


Based
on
price
analysis
and
what
the
RSI
indicator
is
suggesting,
if
the
price
of
VeChain
continues
to
decline,
it
might
trigger
a
move
toward
the
$0.03267
support
level.
If
it
breaks
this
level,
it
may
even
decline
further
to
test
the
$0.01820
support
level.

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On
the
other
hand,
VeChain’s
price
will
start
to
head
toward
the
$0.03802
resistance
level
if
it
decides
to
move
higher
at
this
point.
It
will
advance
further
to
challenge
the
$0.04303
resistance
level
if
this
level
is
broken.
Furthermore,
should
it
break
past
this
level,
its
price
can
increase
even
further
to
reach
new
heights.

VET
trading
at
$0.03244
on
the
1D
chart
|
Source:
VETUSDT
on

Tradingview.com


Featured
image
from
Adobe
Stock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


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