https://ift.tt/3evLcpo price analysis: VET continues looking for support below $0.089 after a strong bearish collision

TL;DR Breakdown

• Vechain price analysis is bearish today.
• Support for VET/USD is present at $0.086.
• Resistance is found at $0.094.

The Vechain price analysis reveals the cryptocurrency is facing loss once again as a heavy sell-off has been observed today. The price improved significantly in the last week, and the trend line was continuously upwards since 21st December, but today a major decline in price has been reported. Though a bullish interval was also observed in the day, and opportunities appeared for the upside, the bears returned more aggressive. The price has been dragged down to $0.089 as a consequence of the downtrend.

VET/USD 1-day price chart: bearish strike deflated the price to $0.089 level

The 1-day Vechain price analysis is showing a downtrend for the price function once again. The bears have managed to secure a win in the last 24 hours as the price has undergone a reduction up to $0.089 losing more than 12 percent during the last 24 hours. Although the bulls were able to sustain their lead in the past few days, today’s trend has been strongly on the bearish side yet again. The recent defeat has marked the price below the moving average (MA) level, i.e., $0.090 as well.

The short-term trending line was upwards as bulls dominated for the past days, but today a turn in trends has been observed. The volatility is low as the upper Bollinger band has moved to the $0.097 position, whereas the lower Bollinger band is at $0.074. The Relative Strength Index (RSI) has taken a turn downwards and is on a steep downslope at index 45 because of the downtrend.

Vechain price analysis: Recent developments and further technical indications

The 4-hours Vechain price analysis confirms that a bearish trend has been at its peak. The bears have maintained their lead quite efficiently by bringing the price down to the $0.089 level. The price might move towards a new low, and the bearish momentum seems to be intensifying every hour. The moving average is still quite high and is settled at the $0.096 position for now.

The volatility is high, which is why the Bollinger bands average is now at $0.095. Whereas the upper Bollinger band value has now reached $0.10, and the lower Bollinger band value is now at $0.089, just below the price. The RSI score has dropped because of the bearish trend as well and has moved down to index 39, indicating the selling activity.

Vechain price analysis conclusion

A downturn in VET/USD price has been observed in the last 24 hours, as the bears have been regaining strength resulting in a heavy sell-off. The price has been pulled down to the $0.089 level after the sudden trend reversal. The crypto pair also went under devaluation during the last four hours as well, which means that a further downfall may be ahead. If the downtrend continues, VET may retest the next support present at the $0.086 level.

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