VeChain (VET) Price Breaches Strong Support as Bears Continue to Dominate!
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- The bulls couldn’t even hold the barrier at $0.05856, previous support.
- In the previous 24 hours, the price of VET has decreased by 8.91 percent.
While the $0.08 resistance was a significant roadblock, VET oscillated in a down-channel for an extended period. As a result of the general sell-off, the market went into deeper decline. As of January 20, the altcoin had lost 41.23 percent of its value, and on January 22, it reached a 46-week low.
The bulls couldn’t even hold the barrier at $0.05856, previous support. Price went below all of its EMA ribbons as a consequence. The selling power grew as the distance between the ribbons spread. The $0.05856 level, where the 20-EMA met, was the next stop for the bulls.
Having reached $0.0498 earlier today, the price has broken through the support level and is en route to the $0.0500 resistance level. In the previous 24 hours, the price of VET has decreased by 8.91 percent.
Read More: VeChain Price Prediction
Bearish Momentum Likely to Continue
This suggests an increase in volatility since the bands of resistance and support seem to be moving nearer each other. At $0.0664, the Bollinger band’s upper limit, VET, has a lot of resistance. There is significant support for VET near the lower end of the Bollinger’s band limit at $0.0439.
The price of VET/USD looks to have fallen below the Moving Average, indicating a downward trend. The price movement seems to be heading toward support, which is downwards. The likelihood of a reversal decreases in direct proportion to the level of volatility.
According to CoinMarketCap, the VeChain price today is $0.048770 USD with a 24-hour trading volume of $275,398,945 USD. VeChain has been down 8.91% in the last 24 hours.
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