VeChain Pulled In Sideways Motion As VET Price Faces Rejection At $0.0247

According to VeChain pricing analysis, VET prices have been moving sideways over the last few days.

• VET prices moving sideways as seen in the past few days
•  VeChain price fluctuating in the $0.02 and $0.027 range
• VET price is down by 0.5%

Nevertheless, because the prices have been trading above the crucial support level of $0.02412, there has been a minor bullish bias in the prices. At $0.02474, the prices are now being rejected.

As of this writing, VET is trading at $$0.02491, down 0.5 percent in the last 24 hours.

It turned out that the low volume breakout was a fakeout. As a result, the price of the VET cryptocurrency has started to decline once more. Now, the price seems to be oscillating between $0.02 and $0.027. Since June 2022, this area has served as a superb zone for accumulation.

After Jerome Powell, the chairman of the US Federal Reserve, made some hawkish comments, cryptocurrencies are once more on a downward trend. The recent downward price movement of Bitcoin and Ethereum has exacerbated the selling pressure.

VET/USD Trades Above 200-Day MA

According to CoinMarketCap, the 4-hour price chart for the VET/USD pair demonstrates that it has been moving sideways over the last few days. The range of the prices has been between $0.02412 and $0.02474. 

The VET/USD is trading above the 200-day moving average, which suggests a minimal bullish bias.

The RSI indicator is close to the 70 mark and is now in overbought territory. The RSI line has more room to rise, which suggests that prices also have more room to rise. The MACD indicator is currently moving upward and towards the positive region.

Source: TradingView.com

In the near future, prices may rise in response to a crossover of the MACD line. Price increases are anticipated to continue so long as they stay above $0.02474.

Following a period of consolidation, the bulls are attempting to propel prices higher, according to the VeChain price analysis. Although the bulls have had difficulty driving prices higher, the recent market movement appears encouraging. In the near future, prices may move in the direction of $0.03250 if the next level of resistance at $0.02474 is broken.

RSI Suggests VeChain Crossing Overbought Zone

Meanwhile, a bearish crossover of the MACD indicator might drive prices down to the $0.02412 level. The MACD indicator is on the verge of crossing into the bearish zone. The RSI indicator is currently overbought, and a decline can signal that a correction in the price is imminent. The MA lines are in close proximity to one another, and a crossover can move prices either way.

As per VeChain’s price analysis, as long as prices are over $0.02474 in the near future, they are predicted to rise further. The technical indicators on the 4-hour and 1-day timeframes imply that the market is currently in a bullish zone, and the digital asset appears poised to continue its ascent higher.

In other news, Canadian SaaS platform TrueTrace Technologies and VeChain have joined forces. The newest partner would introduce its clients to the VeChain ToolChain. By registering on the leading cryptocurrency exchange Binance, you can purchase VeChain and make investments in its core platform.

VET total market cap at $1.8 billion on the daily chart | Source: TradingView.com

Featured image from MotivationGrid, chart from TradingView.com