Will VeChain Price Orchestrate Another Leg Up Anytime Soon?
25 February 2023 - 08:00AM
NEWSBTC
VeChain almost shot up 50% during the beginning of the year. Over
the last week, the altcoin maintained a bullish stance with a 17%
appreciation, but VET fell by over 6% on the daily chart. The coin
is correcting itself on its chart now. The technical outlook of
VeChain depicted that the bears were slowly taking charge of the
price. Demand for the altcoin noted a slump as buyers defined a
fall in accumulation at press time. At the moment, VET is slowly
moving towards a significant support level. Related Reading: Bulls
Have To Defend This Level To Prevent Cardano From Sliding Further A
drop below which can cause VET to become completely bearish. This
price pullback will continue if VET doesn’t topple its immediate
resistance mark over the subsequent few trading sessions. With
Bitcoin revisiting the $23,000 price zone, it could be possible
that most altcoins will further depreciate on their respective
charts. For VET to breach the price ceiling, it is essential that
broader market support return to the market. VeChain Price
Analysis: One-Day Chart VET was trading at $0.0276 at the time of
writing. The altcoin struggled to overcome the overhead resistance
of $0.0286; however, a move above that level can push the altcoin
to trade near $0.0300. If VET’s price fell further, the first and
second stops were $0.0240 and $0.234. The amount of VeChain traded
in the last session was red, indicating more selling power for the
altcoin. If the coin touches the $0.0234 level, it could propel the
price to $0.0277, which would help VET log further gains. VeChain
may attempt to breach the $0.0310 level if demand comes back.
Technical Analysis With the recent fall in price, buyers have
started to lose interest in the altcoin. The Relative Strength
Index dipped over the past few trading sessions and stood below 60.
This indicated that buying pressure was falling on the chart.
Similarly, the VET price fell below the 20-Simple Moving Average
line. This reading indicated that sellers were driving the price
momentum in the market. The Parabolic SAR depicts the price
movement and direction. The indicator formed the dotted lines
underneath the price candlesticks; this meant that the coin was
still headed in an upward price direction. The other technical
indicators showed how the price action displayed mixed signals at
press time. The Directional Movement Index was negative, as the -DI
(orange) line was above the +DI (blue) line. This meant that the
price was moving south over the past trading sessions. Related
Reading: What’s Next As Uniswap Price Moves Closer To Key Support
Line? The Average Directional Index (red) moved above the 40-mark.
It usually means that the current price momentum is gaining
strength, which could mean that VET might lose value before it
reverses the price action. Featured Image From UnSplash, Charts
From TradingView.com.
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