- VET coin price has formed a downside parallel channel on the daily chart with a strong downside momentum. It may test the lower support of $0.05 in the future.
- Technical indicators of Vechain suggest a downtrend in price for the future. In contrast, VET/BTC pair is seeing a loss of more than 6.44% in the intraday session.
VET coin price is currently in a downtrend and is trading near the value of $0.065. Vechain has seen a loss of more than 8% in the intraday session. The coin has an ROI of more than 328% which is greater than its competitors in the market. On coming to the daily chart the price has formed a downside parallel channel. The price may hit a lower support due to the downtrend in price. VET/BTC pair might also hit lower support in the future. One can invest in Vechain as per their risk capacity.
VET is ranked 23rd in the CMC and has a market capitalization of more than $16,528,487,343.The volume of the coin has also seen a large drop from the past few days. The volume to Market capitalization ratio for the coin is near 0.4185. If it goes above 0.85 then a strong uptrend can be seen.
Technical Indicators Hints The Downtrend In VET Coin Price
Vechain weekly technical chart suggests a downtrend for the upcoming weeks. VET price is showing a sign of strong bearish momentum on the daily chart . The VET resistance on the upside can be found near $0.1. In contrast, on the downside, the price can see a bounceback from $0.03. VET price is currently inside an accumulation zone on the daily chart. If the price jumps 15 to 20% above the current levels , then a strong upside momentum up to the point of $0.2 can be observed. VET/BTC pair is also seeing a downtrend but can soon revert to the uptrend.
RSI(Bearish): RSI for the VET is near the level of 28, showcasing its presence in the oversold. There is negative slope formation in RSI, which suggests bearish momentum.
Conclusion
VET coin price has remained profitable to the investors in the past and can be the same in future. It is currently in a downtrend then it can soon see a major recovery. One should wait for a positive breakout before investing.
Technical Levels
Major Support:$0.03
Major Resistance:$0.1