VeChain Price Analysis: VET Retests Its Record Low From 2021 Following the Current Crypto Bloodbath

  • VeChain price slumps below $0.050 and is now trading below a descending trendline over the daily chart.
  • The crypto asset is trading below 20, 50, 100 and 200-days Daily Moving Average.
  • The pair of VET/BTC is at 0.000001025 BTC with an intraday gain of 1.17%.

VeChain Price is trading below a downward sloping line over the daily chart. The token must sustain at the verge of the trendline. However, the VET coin presently struggles at the lowest level of 2021. VET coin price struggles to escape due to the slippage of the cryptocurrency market. Whole cryptocurrency market is facing a downtrend at the moment as BTC slips below the 30000 psychological level. Cryptocurrency investors need to be very cautious these days as the high volatility feature of the cryptocurrency market may affect their trading experience.

VeChain price is presently CMP at $0.031 and has gained 5.41% of its market capitalization in the last 24-hour period. This gaining phase signifies that buyers are still indulging in the trade for VET. However, trading volume has decreased by 7.21% in the intraday trading session. This is because BTC lies below the psychological barrier and falters to sustain above it. The consequences can be observed over the other altcoins.

 VET coin price must accumulate bulls to sustain above the downward sloping line. Meanwhile, volume change is below average and needs to grow for VET token to escape the falling trend. VET investors need to wait for any contemplating directional change over the daily chart.

What do Technical Indicators suggest about VET?

VeChain price analysis shows that the token must escape the falling pattern and sustain at the verge of the trendline to gain over the chart. Technical indicators suggest that VET is heading towards neutrality. Relative Strength Index showcases that VET is moving towards neutrality. RSI is at 36 and investors can expect any directional change above 40.

MACD is about to exhibit a positive crossover. The MACD line is heading towards the signal line for a positive crossover.

Conclusion

VeChain Price is trading below a downward sloping line over the daily chart. The token must sustain at the verge of the trendline. VET coin price struggles to escape due to the slippage of the cryptocurrency market. Technical indicators suggest that VET is heading towards neutrality. VET investors need to wait for any contemplating directional change over the daily chart. 

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

This news is republished from another source. You can check the original article here.

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