- 1 RSI has found support at the 14-SMA level, indicating a recovery of the curve from the oversold zone to the overbought zone.
- 2 VET trading volume over 24 hours across all trading platforms was $44.74 million.
The price The VeChain cryptocurrency structure has been showing an upward trend since the last week of October 2023. It has been generating higher highs and lows until it reached the supply level of $0.0511.
POO made three unsuccessful attempts to break the supply resistance. It gradually fell and later found support at $0.03300 by mid-May 2024.
VeChain (VET) 1.D. | Source: TradingView
However, POO stabilized and consolidated at the critical support level of $0.03300 for the next two months. It found strong support at this level, but the bears intervened again, breaking this support. The price reached the previous resistance-turned-support at $0.02395 on the daily chart by June 18, 2024.
VeChain (VET) Performance Overview
The VeChain The price chart shows dynamic resistance pushing the cryptocurrency lower. The MACD is below the zero line in bearish territory, and the RSI is below the midline.
It is noteworthy that POO as it has risen by 2.37% and is slowly approaching the dynamic resistance. Similarly, the MACD has formed a bullish cross with the histogram at 0.00027. The RSI has flared up at 40.32 as it has received support from the 14-SMA, showing a recovery from the oversold zone to the overbought zone.
Vechain (VET) 1.D. Indicators | Source: TradingView
General Analysis of indicators shows that the VET asset was in a bearish state, and despite all this bearish state, the price demonstrated features of a bullish trend.
Even though all the relevant indicators are bearish, the support seems very strong. If buyers step in, a bullish rally is likely.
VeChain (VET) Price Forecast!
At the time of publication, VeChain was trading at $0.02672 with an intraday gain of 0.49%. This week saw healthy momentum. So the overall price momentum symbolizes that the overall trend was bearish, but there was some optimism in price this week.
It has a circulating supply of $80.99 billion, a market cap of $2.17 billion, and a 24-hour trading volume of $44.74 million across all trading platforms.
Thus, if the price breaks the main support level, the decline could lead to the $0.020000 and $0.015000 marks.
On the other hand, if price manages to jump out of the support zone to move up, it can break the dynamic resistance of the EMA and target the upper border and beyond. Thus, it creates resistance at the levels of $0.033000 and $0.045000.
Summary
VeChain price structure has shown an upward trend since October 2023, reaching the supply level of $0.0511. Despite the resistance, it found support at $0.03300.
At the time of publication, MACD and RSI were bearish, but the recent price rise suggests a bullish trend could be in the future.
If buyers support the asset, then the $0.033000 and $0.045000 levels may act as resistance levels, or the cryptocurrency may decline to the $0.020000 and $0.015000 levels.
Denial of responsibility
In this article, the views and opinions expressed by the author or any named individuals are for informational purposes only and do not constitute investment, financial or any other advice. Trading or investing in cryptocurrency assets involves the risk of financial loss.
