VeChain is currently nearing the $0.020 price level, despite a bearish trend. What will it do? Will it fall below $0.017, or bounce up to $0.031 again?
You can still pull back a little. Top cryptocurrencies VeChain The psychological level of $0.020 is being held. It is struggling within the falling channel and risks a possible drop to crucial support at $0.017.
VET Price Analysis
VeChain’s daily price chart shows a downward trend, forming a channel-like pattern. It reverses at the Fibonacci Level of 38.20% ($0.031). VeChain value has dropped by 40 percent in the last one month as a result of declining bullish sentiment.
VeChain currently trades around $0.02099 following rejection of its 24-hour peak price of $0.02210. A long wick has formed on the intraday candles, indicating a potential downward trend.
MACD and the signal line are in a downward trend within the negative zone, which supports the outlook of a bearish market. The daily RSI also hovers around the boundary between oversold territory and midpoint. This maintains a bearish outlook. Thus, momentum indicators suggest a bearish outlook for VeChain.
Fibonacci numbers suggest the target price is $0.017. This is based off the low for the current year, which was recorded on April 7, 2019. A potential reversal that leads to a breakout of the channel could lead the price back up to the 38.20% Fibonacci at $0.031 as long as the price is above the resistance level $0.024.
VeChain Derivatives
VeChain’s psychological support is keeping the derivatives markets quiet. Most traders are on the sidelines. CoinGlass data indicates that VET open interests has increased marginally, by 0.04 percent to reach $62.36 millions.
Long liquidations reveal that traders who were bullish lost $76,390. Short liquidations, on the other hand, were only $2,000 and indicated that many of these positions had been bullish. In the past 24 hour, the ratio of long to short has fallen from 0.9459 to just 0.9459. It indicates active bearish position outnumbers long.
DisClamier: Informational content only. This is not financial advice. The author may have expressed his or her personal opinion in the article. The Crypto Basic does not endorse this. Before making an investment decision, readers should do extensive research. Crypto Basic will not be held responsible for any losses.
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Source: thecryptobasic.com
