The price momentum of VeChain (VET) registered a halt over the last 24 hours after the altcoin started to trade laterally. In the same time frame, the coin dipped 0.9%, which is minor meaning that VeChain was in consolidation.<\/p>\n
The coin had picked up bullish momentum at the beginning of this year, but the bears could not sustain the price above the $0.021 mark. The technical outlook of VeChain still points towards bullishness. The altcoin was overvalued at the time of writing, which emphasizes that a price correction is on the way.<\/p>\n
A price correction also presents a shorting opportunity for traders. The accumulation on the chart also noted a downtick, but despite the downtick, demand for VET was substantial. However, VET will soon lose its current price level if buyers continue to lose interest.<\/p>\n
At the moment, VeChain has secured the $0.019 price level as its current support mark. Moving below the price above the mark will make VeChain come under the influence of bears again. The VET price is 92% lower than its all-time high secured in 2021.<\/p>\n
VeChain was trading at $0.0207 at the time of writing. The altcoin was trading within an upward parallel channel, which showed bullishness. However, VET traded outside the parallel chain over the past trading sessions.<\/p>\n
As the coin moved outside of the parallel chain, the bulls failed to cross the $0.0212 price level, which acts as the current resistance price level for the coin. Local support for the coin stood at $0.020, and as VeChain depicted a correction, it is expected to fall below the $0.0193 level.<\/p>\n
Both the $0.020 and the $0.0193 price levels can act as shorting levels for the coin. The amount of VeChain traded in the last session declined, which meant a slight fall in demand.<\/p>\n
The altcoin was overvalued on the daily chart, and although demand for the coin registered a fall, the bulls were still hovering in the market. The Relative Strength Index was a few points below 80, indicating that the coin was under the influence of buyers.<\/p>\n
With a price correction, VET can dip to $0.0193 before it starts to pick up momentum. On the same note, the VET price was above the 20-Simple Moving Average line (SMA), which meant that buyers were driving the price momentum in the market.<\/p>\n
It was also above the 50-SMA line (yellow); however, another pull from the bears will drag VET below the 50-SMA line.<\/p>\n
Technical indicators continued to suggest that VET hasn\u2019t lost its bullish steam. The Moving Average Convergence Divergence, which indicates price momentum and reversals, showed green signal bars.<\/p>\n
Green signal bars are tied to a buy signal, but the recent bar was declining in strength, implying that traders should skip buying the asset right away. The Chaikin Money Flow was above the half-line and registered a fall; the capital inflows were far higher than capital outflows despite the fall.<\/p>\n
Overall, the market remains on the bulls\u2019 side, but VET has to stay above its crucial support line to keep the bears from returning.<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The price momentum of VeChain (VET) registered a halt over the last 24 hours after the altcoin started to trade laterally. In the same time frame, the coin dipped 0.9%, which is minor meaning that VeChain was in consolidation.<\/p>\n
The coin had picked up bullish momentum at the beginning of this year, but the bears could not sustain the price above the $0.021 mark. The technical outlook of VeChain still points towards bullishness. The altcoin was overvalued at the time of writing, which emphasizes that a price correction is on the way.<\/p>\n
A price correction also presents a shorting opportunity for traders. The accumulation on the chart also noted a downtick, but despite the downtick, demand for VET was substantial. However, VET will soon lose its current price level if buyers continue to lose interest.<\/p>\n
At the moment, VeChain has secured the $0.019 price level as its current support mark. Moving below the price above the mark will make VeChain come under the influence of bears again. The VET price is 92% lower than its all-time high secured in 2021.<\/p>\n
VeChain was trading at $0.0207 at the time of writing. The altcoin was trading within an upward parallel channel, which showed bullishness. However, VET traded outside the parallel chain over the past trading sessions.<\/p>\n
As the coin moved outside of the parallel chain, the bulls failed to cross the $0.0212 price level, which acts as the current resistance price level for the coin. Local support for the coin stood at $0.020, and as VeChain depicted a correction, it is expected to fall below the $0.0193 level.<\/p>\n
Both the $0.020 and the $0.0193 price levels can act as shorting levels for the coin. The amount of VeChain traded in the last session declined, which meant a slight fall in demand.<\/p>\n
The altcoin was overvalued on the daily chart, and although demand for the coin registered a fall, the bulls were still hovering in the market. The Relative Strength Index was a few points below 80, indicating that the coin was under the influence of buyers.<\/p>\n
With a price correction, VET can dip to $0.0193 before it starts to pick up momentum. On the same note, the VET price was above the 20-Simple Moving Average line (SMA), which meant that buyers were driving the price momentum in the market.<\/p>\n
It was also above the 50-SMA line (yellow); however, another pull from the bears will drag VET below the 50-SMA line.<\/p>\n
Technical indicators continued to suggest that VET hasn\u2019t lost its bullish steam. The Moving Average Convergence Divergence, which indicates price momentum and reversals, showed green signal bars.<\/p>\n
Green signal bars are tied to a buy signal, but the recent bar was declining in strength, implying that traders should skip buying the asset right away. The Chaikin Money Flow was above the half-line and registered a fall; the capital inflows were far higher than capital outflows despite the fall.<\/p>\n
Overall, the market remains on the bulls\u2019 side, but VET has to stay above its crucial support line to keep the bears from returning.<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-16194","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=16194"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/16194\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=16194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=16194"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=16194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}