The VeChain price analysis shows that the price of VET/USD has followed a strong upwards trend in the last 24 hours. The price has continued a positive movement, increasing significantly, barely shying away from the $0.04 mark. However, the market’s direction is bullish; the cryptocurrency appears to move upwards. Today, on May 15, 2022, the cost of VET has been up 9.16% in the last 24 hours, with a trading volume of $203,235,267. Hence, being #36 in the cryptocurrency ranking with a live market capital of $2,052,309,834.
VET/USD 4-hour price analysis: Latest developments
The VeChain price analysis revealed market volatility following a declining movement, closing the market, making the cryptocurrency’s price less vulnerable to volatile change on either of the extremes. The support band appears to be following a closing approach, indicating declining volatility and a strong resistance point. The upper limit of the Bollinger’s band is present at $0.034, which acts as a strong resistance for VET. The lower limit of the Bollinger’s band limit is available at $0.026, representing the strongest support for VET.
The VET/USD price crosses over the Moving Average curve, indicating a bullish trend. Furthermore, the price path appears to follow an upward direction towards the resistance. Finally, the price might meet the resistance and reverse the market entirely. Therefore, the breakout will prove to be a hindrance in the way of progress for VET as the market will gain potential for a reversal.
VET/USD 4-hour price chart source: TradingView
The VeChain price analysis reveals that the Relative Strength Index (RSI) is 48, representing a stable cryptocurrency; the value is present in the central neutral region. Furthermore, the RSI appears to be following an upward approach that reflects the value of the cryptocurrency increasing and the dominance of buying activities.
VeChain price analysis for 1-day: Market gains positive potential
The VeChain price analysis shows the market experiencing an extremely open market, which is squeezing little by little, decreasing the volatile properties of the market. This means that VET/USD prices subject to fluctuations will fluctuate in the same direction as volatility; less volatility means less probability of the price shifting to either extreme. The upper limit of the Bollinger’s band exists at $0.059, which acts as the strongest resistance for VET. On the other hand, the lower limit of the Bollinger’s band is available at $0.026, representing the strongest support for VET.
The VET/USD price crosses under the Moving Average curve, indicating a bearish trend. Furthermore, we can observe the price path following an upward movement, which may mean bulls can reverse bearish momentum. Moreover, the price is gaining positive momentum and moving towards value increments.
VET/USD 1-day price chart source: TradingView
The VeChain price analysis reveals that the Relative Strength Index (RSI) is 32, which means that the cryptocurrency shows undervalued signs. VeChain falls in the undervalued region. The RSI follows a slight upwards movement that reflects a slightly increasing market. The buying activity is starting to exceed the selling activity causing the RSI score to experience an increment.
Vechain Price Analysis Conclusion
The VeChain price analysis concludes that the cryptocurrency shows bearish momentum with massive room for bullish activities. The price reached $0.032 on May 15, 2022, and is currently moving towards the $0.04 mark. The current price of VeChain is $0.032. It seems the bulls will take control of the market soon, increasing the price of VeChain working in its favor.
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