https://ift.tt/33cYbtG Price Analysis: VET maintains strong resistance at $0.97

TL;DR Breakdown

• Vechain price analysis is bearish for today
• The strongest support is available at $0.0772.
• The strongest resistance is present at $0.971.

The Vechain price analysis shows that the price of VET/USD has suffered devaluation over the past few days. The price had reached the $0.0840 mark after reaching the $0.0842 on January 6, 2022, followed by the cryptocurrency suffering a flash crash on January 7, 2022, which further declined the price of VET to $0.0764. The price stabilized for a while, regained its value, and reached $0.0787. The current price of VET/USD is $0.00787.

VET/USD 4-hour price analysis: Expanding volatility supports the bears

The Vechain price analysis has revealed market volatility following a huge expanding movement which means the cryptocurrency’s price is becoming more prone to change the increasing or the decreasing side. The resistance and support bands appear to be moving away from each other, indicating increasing volatility. The upper limit of the Bollinger’s band is present at $0.0932, which acts as the strongest resistance. The lower limit of the Bollinger’s band limit is available at $0.0772, representing the strongest support.

The VET/USD price appears to be crossing under the Moving Average curve, signifying a bearish trend. As the volatility has expanded to a colossal degree, the bulls gain a strong chance of countering the bears, and if they seize this opportunity, then the market may soon be captured by the bulls.

The Vechain price analysis reveals that the Relative Strength Index (RSI) is 36, which puts the cryptocurrency slightly on the undervalued side. The bears currently dominate the market. The RSI can be seen following an upwards approach that reflects the value of the cryptocurrency slowly experiencing increment in its value and moving towards stability.

Vechain price analysis for 1-day: The market maintains tight volatility

The Vechain price analysis shows market volatility following a quiet trend, not showing signs of shifting to either extreme. This means that VET/USD prices subject to fluctuations will remain constant until the volatility shows signs of increasing or decreasing. The upper limit of the Bollinger’s band exists at $0.0971, which acts as the strongest resistance. The lower limit of the Bollinger’s band is available at $0.0760, representing the strongest support.

The support and resistance bands appear to be near each other, indicating a tight market, which signifies a squeeze. This means that market volatility is likely to expand soon, allowing bulls to capture the market.

The VET/USD price appears to be crossing under the Moving Average curve, indicating a strong bearish trend. The price path can be observed to be following a downwards movement which may result in a breakout in the market. If that scenario is realized, a reverse direction is inevitable, and bulls will capture the market.

The Vechain price analysis reveals that the Relative Strength Index (RSI) is 37, which means that the cryptocurrency shows no signs of being undervalued. The RSI can be seen following a downwards movement that reflects a declining market trend and small chances of a reversal.

Vechain Price Analysis Conclusion: VET/USD suffers devaluation

The Vechain price analysis concludes that the cryptocurrency follows a strong bearish trend. The price reached $0.0842 on January 6, 2022; however, the price has been struggling even for the $0.0800 mark now. The price has been on a decline ever since then. The current price of Vechain is $0.0787. The cryptocurrency is suffering from severe devaluation. As of now, hopefully, it will recover soon.

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