Vechain bulls desperate to defend major bearish trendline forming at $0.1, while the bulls are now running out of steam, will drastically crash the market.
The Vechain market has been on a continuous decline during the last few weeks. The bulls have been desperately trying to defend a major bearish trendline that forms at the $0.1 area, but they have failed.
- Vechain broke the major trend line at $0.1 on the daily chart yesterday.
- The price action is trying to break the bottom corner of the ascending triangle.
Price analysis in Vechan: Price Overview
Vechain broke the important trend line at $0.1 on yesterday’s daily chart, forcing the bulls back to the drawing board. The breakout caused strong selling pressure, which led to a sharp decline in the VET/USD trading pair over 2 days. On the hourly chart, price action is attempting to break the bottom corner of the forming uptrend triangle, which could negate the recovery of VET above the major trend line that occurred earlier in the trading session. The bands widen to indicate high market volatility. Vechain’s price continues to diverge below the midline, and the rising red candles only indicate how difficult it will be for the bulls to reach the moving average. The divergence of the moving averages also gives a negative signal after the bearish cross is marked on the 4-hour chart. Nevertheless, the currency’s RSI is drifting into overbought territory, but could move into neutral territory at any time. A chart with high volatility seems ideal for short-term traders.
Milestones in the course of the last 24 hours
Vechain (VET) closed in a downtrend on the daily chart yesterday and over the weekend and at $0.0980. However, the beginning of the weekend led to the formation of a bullish trend line, as a result of which the price of the VET/USD trading pair broke above the psychological support of $0.1. The supply chain and logistics altcoin is trading within a head and shoulders pattern – the head is at the top of the $0.1018 morning and the neckline runs through $0.1010. Vechain attracted enough buyers to keep the price above that level. If a downtrend tries to break below the main trendline, the market will respond with a bullish entry, offsetting any bearish weakness. However, the red signals are scattered on Vechain’s 24-hour chart. Anyway, the bulls set the highest price of the day at $0.103. Source : TradingView
1 Hour Course Schedule Vechain
A bearish line is forming on the hourly chart with momentum below $0.1000. Upward and downward price corrections over short periods of time indicate strong attempts by buyers and sellers to assert themselves in market activity. If the bulls manage to consolidate above the sellers concentration at $0.1010, then there is a high probability of a continuation of the uptrend towards the $0.10 – $0.18 price level.
Conclusion on ChannelPrice analysis
Vechain isn’t the only game dealing with bearish weakness. Major coins like Bitcoin, Ethereum and Dogecoin have all seen price losses in recent weeks. The market has yet to recover and while the bulls and bears are engaged in a tug-of-war, traders simply need to prepare for the next phase of the rally. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.