VeChain (VET) is trading at approximately $0.0228, reflecting a slight decline from the previous session. The cryptocurrency market remains volatile, and VET’s price action suggests continued bearish pressure across different timeframes.
Daily Chart Analysis: Bearish Momentum Persists
On the daily chart, VET continues to struggle below the 50-day and 200-day moving averages. Both indicators are sloping downward, reinforcing a bearish outlook. The Relative Strength Index (RSI) remains within the neutral 30-70 range, indicating that neither buyers nor sellers hold a dominant position. However, unless VET reclaims key resistance at $0.025, further downside remains likely.
Weekly Chart: Long-Term Resistance Holding Strong
Zooming out to the weekly timeframe, VET exhibits a similar bearish structure. The 50-week and 200-week moving averages have been trending downward, signaling long-term weakness. These levels act as strong resistance, preventing any substantial price recovery. If VET fails to break above $0.026 in the coming weeks, continued bearish pressure could push the price toward the $0.020 support level.
4-Hour Chart: Short-Term Selling Pressure
On the 4-hour chart, VET remains under short-term selling pressure. The 50-period moving average is declining, and the RSI has dipped below the neutral zone, approaching oversold conditions. While this suggests a possible short-term bounce, there are no clear reversal signals yet.
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Price Prediction for the Next 8 Hours
In the short term, VET is expected to fluctuate between $0.0225 and $0.0235. If the price manages to break above $0.0235, a move toward $0.025 is possible. However, failure to hold support at $0.0225 could lead to further declines, potentially testing the $0.0218 level.
VeChain’s price action remains bearish across all major timeframes, with key resistance levels limiting upward momentum. Traders should watch for any breakout above $0.025 for potential bullish confirmation. Until then, VET is likely to experience further consolidation or downside movement.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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