VeChain Price Analysis: The trend reversal has begun!

• The VET coin is facing decent waves of downtrend.
• The VET price suffered a loss of 13% in 24 hrs trading session.
• The VET/BTC pair is standing at 0.000001014 BTC with a loss of 0.36%.

VeChain (VET) is a versatile enterprise-grade L1 smart contract platform. VeChain exists to disrupt traditional business models, and is best known for its work in supply chain, an industry that has changed little over the decades.

The VET coin is facing decent waves of downtrend. The price is moving way below the 20, 50, 100 and 200 daily moving average. The bears are moving the market really down by increasing the selling volume. The bulls need to accumulate and rescue the token from the wave of downtrend. Though the bears are not the spectators here they will definitely interrupt the process by dumping the holdings to take down the price. The VET price came from the all time high of 0.280 to one place right adding a zero before.

The current price for one VET coin is $0.30 with a loss of 13% in its market capitalization in the last 24 hrs. The coin has a trading volume of 309 million and a market cap of 1.9 billion with a loss of 9.16% in it over the last intraday trading session. The volume market cap ratio for VET is 0.1576.

Short term Analysis

While analyzing the graph for the short term (4 hrs) we can conclude that the price is stuck in the same downtrend we observed over the daily graph. But here on the hourly graph the recovery has started.

Technical Indicators

The technical indicators say that the price is still trading below the moving average. While talking about the MACD, the MACD line just made a positive cross over the MACD signal line indicating a bullish movement over the graph, also the green histograms rising now.

The relative strength index was moving under the oversold region indicating the increase in the selling volume. Now the RSI took a flight and the value skyrocketed above 45 (indicating the gain in the buying).

Conclusion

The VET coin is facing decent waves of downtrend over the daily graph. The coin has started the recovery phase over the hourly graph. The technical indicators are also indicating a bullish movement.

Technical levels

Resistance levels: $0.040 and $0.042

Support levels: $0.030 and $ 0.025