VeChain (VET) Appears Bearish but Holds Complete Support
VeChain has been one of the most shilled altcoins of the global crypto market and is one of the top performers amongst the top 25 cryptos. In this regard, VET has left behind cryptos like Ethereum Classic, Dash, Ontology, etc., and alongside, has lured many partnerships, making the platform worthy of investing.
VeChain was not a practical investment avenue until the recent past when it started luring strategic partnerships and gained a massive number of investors to join the network, thereupon. VET token has been recently down as per the price dynamics as compared to the previous price movements, but the market and movement of any specific crypto are bound to market volatility.
VeChain marks an All-Time High in the ongoing month above $0.020 at $0.022 in the ongoing month just at the onset. However, with negative sentiment in the market and plummeting price of the major coins, including BTC—the largest cryptocurrency by market cap has led to pulling back the below $0.020 as it currently trades at $0.0166. VET/USD, however, is holding complete support from 50-day and 200-day daily MA on the 3-day chart at $0.0103 and $0.00667, respectively.
Moreover, with the recent and fresh ATH hit at the onset of the month, the VET was seen breaching the upper 20-day Bollinger Band. But with a bearish consolidation thereafter, VeChain is hitting the negative bias with a bearish candlewick. However, it is far away from testing the supports of daily MA.
Due to recent intraday correction, VeChain is drawing a bearish divergence on the 3-day MACD chart, and the RSI is seen retreating after breaching above 70 due to increased demand and currently lies at 54.30.