24 September 2023 : In this article we will walk you through VeChain price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for VeChain, Is VET a good investment? VeChain support & resistance levels etc. But before diving deep into the VET technical analysis, let us talk about the current market conditions.
Over the last twenty-four hours, there was a down fall of -1.84 percent, bringing the entire cryptocurrency market to $1,054,404,520,847. The total trading volume stands at $14,747,385,253. Bitcoin shares 49.16 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price rising to $26,588.00 level after an upward movement of 0.05%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.16 percent reaching to $1,594.37 during the previous 24 hours.
While publishing this blog, BNB traded at $210.67, following a price change of -0.03%within the same time frame. XRP the native coin of XRP is up by 0.17 and currently trading at $0.51. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.
Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of VeChain (VET)
|VET Resistance Levels||VET Support Levels|
|Resistance Level 1||$0.024||Support Level 1||$0.022|
|Resistance Level 2||$0.025||Support Level 2||$0.020|
|Resistance Level 3||$0.026||Support Level 3||$0.019|
The current VeChain price is $0.017, with a trading volume of $19,143,435.00 in the past 24-hours. Currently, VET is down by -0.32% since yesterday with a market capitalization of $1,230,762,698.00 USD.
VET price analysis for 24 September 2023 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the VeChain.
|Simple Moving Average (10)||0.023||Sell|
|Exponential Moving Average (10)||0.023||Sell|
|Simple Moving Average (20)||0.023||Sell|
|Exponential Moving Average (20)||0.023||Sell|
|Simple Moving Average (50)||0.024||Sell|
|Exponential Moving Average (50)||0.024||Sell|
The VeChain has break all its supports levels and things are not looking good for the crypto market. Currently, bears are in control of the market and successfully take VET price below the crucial support level of $0.022. While VET’s Williams %R indicator is at -26.667 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The VET/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. The Relative strength index (RSI) for VET Coin is currently hovering at 38 for 14-days average line, which means VET is just recovering from a oversold condition.
As of now, VeChain is not doing well and is trading in reddish zone. In order to invest in the digital currency, crypto investors want to see the VET move into the positive zone. In 2022 and beyond, the VeChain price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.