VeChain (VET), a leading blockchain platform known for its supply chain and logistics solutions, recently experienced a significant price action. The cryptocurrency has fallen below the critical support level of $0.03289, a development that signals the continuation of its current downtrend.
This break of support is a bearish sign, indicating that there is still a lot of selling pressure and more drops could be on the horizon. A number of causes, including general market conditions and particular challenges facing the VeChain ecosystem, have contributed to the decline in VET prices.
Currently, VET price is down -0.61%, trading at around $0.03266, with a market cap of over $2.3 billion and a trading volume of over 88 million dollars at the time of writing this article. Although its market capitalization is down by 9.28%, its trading volume increased by 36.06% over the past day.
In this article, we will look at what could be the next pricing destination for VET using indicators.
VET Price Analysis Using 100 Day SMA and RSI Indicators
VET price is currently trading below the 100-day simple moving average (SMA) on the 4-hour chart, following a sharp decline that saw it break through the $0.03289 support level. This breakout of this key level could signal further price declines.
Additionally, since the Relative Strength Index (RSI) line is moving below 50% after falling below it, the RSI indicator indicates that the crypto asset could continue in its bearish direction.
An observation of the chart from the daily time frame reveals that VETERINARIAN is currently bearish and could continue to be bearish depending on the previous day’s price decline. Additionally, the price of the asset is also trading below the 1-day SMA.
Finally, the 1-day RSI also confirms that the coin could continue in its bearish direction, as the RSI line is trending below 50%, heading towards the oversold zone.
Future outlook of VeChain
Based on the price analysis and what the RSI indicator suggests, if VeChain price continues to decline, it could trigger a move towards the $0.03267 support level. If it breaks above this level, it could even decline further to test the $0.01820 support level.
On the other hand, VeChain price will start heading towards the $0.03802 resistance level if it decides to move higher at this point. It will advance further to challenge the $0.04303 resistance level if this level is broken. Moreover, if it exceeds this level, its price can further increase to reach new highs.
Featured image of Adobe Stock, chart from Tradingview.com
