VET 24H Chart Forms Death Cross, Signaling Short Term Bear Market
- VeChain (VET) is down 1.60% in the last 24 hours according to the crypto market tracker CoinMarketCap.
- The price movement of VET has not deviated from the weekly movement of the coin’s price seeing that the 7-day percentage change of VET is around 14.67%.
- A Death Cross has formed on both the daily and weekly chart according to TradingView.
VeChain (VET) is down 1.60% in the last 24 hours according to the crypto market tracker CoinMarketCap. This takes the price down to $0.05107.
The price movement of VET in the last 24 hours has not deviated from the weekly movement of the coin’s price seeing that the 7-day percentage change of VET is around 14.67%. VET is currently ranked 37th in CoinMarketCap’s list in terms of market cap, as its total market cap stands at $3,284,342,033.
VET briefly breaks out of Death Cross on the daily chart (Source: TradingView)
As can be seen from the snapshot of TradingView above, the 50 Exponential Move Average (EMA) has crossed the shorter 15 Exponential Moving Average (EMA) around the 22nd of this month to form a Death Cross.
This signals that the current outlook on VET has turned bearish when just analyzing the daily chart for VET.
Death Cross formed for VET earlier in the year (Source: TradingView)
The weekly chart also shows a bearish Death Cross taking place much earlier in the year around January 22, 2022. VET tried to break out of its bearish trend for the short term between March 27, 2022 and April 19, 2022 according to the daily chart from TradingView. However, it fell back into a bearish state after 19 April, 2022.
The Relative Strength Index (RSI) 14 does show that VET is currently oversold as it approaches 30. However, it is common for a coin to be oversold for extended periods of time in times of a bear market. The odds are stacked against VET at the moment as it not only has to overcome a Death Cross on the daily chart, but also on the weekly chart.
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