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he price manages to jump from the lower boundary
The price structure exhibits that the VeChain price was in an upward trend from the end week of October 2023. It built higher high peaks and lows until reaching the supply level at $0.0511.
The price made three unsuccessful attempts in order to surpass the resistance at the supply level but failed as bears pushed it toward the downward side. The VET price gradually plunged and later developed its support at $0.03324 by mid-May 2024.
However, the VET price stopped plunging at a key support level of $0.03324, where the lower boundary of the declining wedge is also present. Thus, the VET has strong support at this level.
The VeChain asset is displaying bearish characteristics as dynamic resistance is pushing it downwards, and MACD shows a bearish cross. Meanwhile, the RSI is falling smoothly towards oversold territory, implying that the VET asset is losing momentum.
Despite all major indicators being bearish, the support seems very strong. If buyers intervene from the lower boundary, another attempt at an upward trend could pop out, as well.
At press time, the VeChain has been trading at $0.03239 with an intraday fall of -1.59. Also, it has attained bad performance in the last week, month, and three months by -4.24%, -7.65%, and -33.91%, respectively, implying a stable downward direction.
Its circulating supply is 72.71 Billion, its market cap is 2.36 Billion, and its 24-hour trading volume on all trading platforms amounted to $88.57 Million.
Therefore, if the price manages to break the lower boundary of the wedge, the decline could lead towards $0.025000 and $0.020000.
On the flip side, if the price manages to jump from the lower boundary for the upside, it could break the dynamic resistance of EMA's and could aim towards the upper boundary and beyond. Thus, this makes the resistances $0.045000 and $0.050000.
The price made three unsuccessful attempts in order to surpass the resistance at the supply level but failed as bears pushed it toward the downward side. The VET price gradually plunged and later developed its support at $0.03324 by mid-May 2024.
However, the VET price stopped plunging at a key support level of $0.03324, where the lower boundary of the declining wedge is also present. Thus, the VET has strong support at this level.
The VeChain asset is displaying bearish characteristics as dynamic resistance is pushing it downwards, and MACD shows a bearish cross. Meanwhile, the RSI is falling smoothly towards oversold territory, implying that the VET asset is losing momentum.
Despite all major indicators being bearish, the support seems very strong. If buyers intervene from the lower boundary, another attempt at an upward trend could pop out, as well.
At press time, the VeChain has been trading at $0.03239 with an intraday fall of -1.59. Also, it has attained bad performance in the last week, month, and three months by -4.24%, -7.65%, and -33.91%, respectively, implying a stable downward direction.
Its circulating supply is 72.71 Billion, its market cap is 2.36 Billion, and its 24-hour trading volume on all trading platforms amounted to $88.57 Million.
Therefore, if the price manages to break the lower boundary of the wedge, the decline could lead towards $0.025000 and $0.020000.
On the flip side, if the price manages to jump from the lower boundary for the upside, it could break the dynamic resistance of EMA's and could aim towards the upper boundary and beyond. Thus, this makes the resistances $0.045000 and $0.050000.
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