Vice Chain VET, a leading blockchain platform known for supply chain and logistics solutions, has recently experienced significant price fluctuations. The cryptocurrency fell below the critical support level of $0.03289, signaling a continued downtrend.
The breakout of this support is a bearish sign, as selling pressure is still strong and drop It is possible that this could happen in the near future. A variety of factors have led to the VET price decline, including general market conditions and specific difficulties facing the VeChain ecosystem.
Currently, the price of VET is down -0.61% and trading at around $0.03266. At the time of writing, the market cap is over $2.3 billion with a trading volume of over $88 million. While the market cap is down 9.28%, the trading volume has increased 36.06% in the past day.
In this article, we take a closer look at where VET’s next price destination could be with the help of indicators.
VET Price Analysis Using 100 Days SMA and RSI Indicators
The price of VET is currently trading below the 100-day simple moving average (SMA) on the 4-hourly chart. This follows a sharp drop that broke through the $0.03289 support level. A breakout of this key level could be a sign of further price declines.
Also, given that the RSI line plunged below the 50% mark and is now trending below it, the RSI indicator is signaling that the cryptocurrency may continue its bearish trend.
If we observe the daily chart, we can see that VET is currently bearish and the bearish trend may continue based on the previous day’s price decline. Moreover, the asset price is trading below the 1-day SMA.
Finally, the 1-day RSI also confirms that the coin may continue moving in a bearish direction as the RSI line has fallen below the 50% mark and is moving towards the oversold zone.
What is the Future Outlook for VeChain?
Based on the price analysis and the suggestion of the RSI indicator, if the VeChain price continues to fall, it can trigger a move towards the support level at $0.03267, below which it can potentially drop further and test the support level at $0.01820.
Meanwhile, if VeChain price decides to rise at this point, it will start heading towards the resistance level at $0.03802. If this level is breached, the price will rise further and challenge the resistance level at $0.04303. Moreover, if this level is breached, the price may rise further and reach new highs.
Featured image from Adobe Stock; chart from Tradingview.com
