VeChain price analysis reveals that there has been a persistent downward trend in the VET/USD pair over the past 24 hours. The price has exhibited a contrasting movement, undergoing a significant decrease after initially being valued at $0.054. Between June 9th and June 10th, 2023, the price experienced a substantial crash, leading to a depreciation to $0.0139. However, it later rebounded slightly to $0.0151 before resuming its decline and ultimately stabilizing at $0.0149. Additionally, the price continued its downward trajectory on June 10, 2023. As of now, the current price of VET stands at $0.0149.
As of today, the price of VeChain (VET) stands at $0.015251, accompanied by a 24-hour trading volume of $134.25 million. VeChain’s market capitalization amounts to $1.11 billion, and it holds a market dominance of 0.10%. Over the past 24 hours, the VET price has experienced a decrease of 11.05%. Currently, the sentiment for VeChain’s price prediction is bearish, while the Fear & Greed Index indicates a neutral value of 49.
The circulating supply of VeChain is currently 72.71 billion VET tokens out of a maximum supply of 86.71 billion VET. The yearly supply inflation rate stands at 11.45%, resulting in the creation of 7.47 billion VET tokens in the last year. VeChain is currently ranked #22 in the Layer 1 sector in terms of market capitalization.
VET/USD 4-hour price analysis: Latest developments
VeChain price analysis indicates growing market volatility, which highlights the heightened importance of market vulnerability. Consequently, the cryptocurrency’s price will become more responsive to unpredictable and unstable fluctuations in the market. Bollinger’s upper band limit is currently positioned at $0.0191, serving as a robust resistance level for VET. On the other hand, Bollinger’s lower band limit is situated at $0.0148, representing a significant support level for VET. These support and resistance levels play a crucial role in understanding potential price movements and market trends for VeChain.
The VET/USD price is currently observed to be crossing below the Moving Average curve, which suggests a bearish trend in the market. This indicates that the price is likely experiencing a downward trajectory, indicating a decreasing market sentiment. Moreover, the market conditions indicate potential opportunities for further bearish movements, with a possibility of bears dominating the market in the near future. The price is moving downwards towards the support level, nearing a potential break below it. This breakout scenario holds a high probability of occurring, indicating a potential shift in the market dynamics.
According to the VeChain price analysis, the Relative Strength Index (RSI) currently stands at 21, which indicates that the cryptocurrency is undervalued. The RSI value falls within the devalued region, suggesting that VeChain may be oversold or experiencing a period of downward pressure. The downward approach of the RSI reflects the decreasing value of the cryptocurrency and the prevailing dominance of selling activity in the market.
VeChain price analysis for 1-day: Market moves downward
VeChain price analysis reveals a downward trend in market volatility, indicating that fluctuations in VET/USD prices are moving in tandem with the increasing volatility. This implies that as the volatility decreases, there is a higher probability of price shifts toward extreme levels. The upper limit of Bollinger’s band at $0.0218 acts as a strong resistance for VeChain, as the price has historically struggled to surpass this level. Similarly, the lower limit of Bollinger’s band at $0.0164 represents an additional resistance level for VET, indicating that the price has often found support around this level in the past.
The VET/USD price seems to be crossing under the Moving Average curve, indicating a bearish trend. Furthermore, we can observe the price path following a downward movement which may show reversal possibilities. The market has broken the support, it has resulted in a breakout.
VeChain price analysis reveals that the Relative Strength Index (RSI) is 22, which means that the cryptocurrency shows undervalued signs. VeChain falls in the devalued region. The RSI follows a downward movement that reflects a decreasing market. The selling activity has exceeded the buying activity causing the RSI score to decline.
VeChain Price Analysis Conclusion
In conclusion, the VeChain price analysis provides insights into the recent movements and trends of the VET/USD market. The analysis indicates a significant decrease in price, with VeChain experiencing a crash and subsequent stabilization at a lower value. The market sentiment is currently bearish, and there is a presence of market vulnerability due to increasing volatility.
