Vechain is an open-source protocol that uses blockchain technology to solve real-life economic problems. Driven by two native tokens - VET and VTHO, the Vechain network helps users to distinguish between the costs for harnessing blockchain and market speculation. It also provides a robust infrastructure for the development of novel decentralized apps. The following VET technical analysis will predict the price trends for the next two days:
<h2><b>Past Performance</b></h2>
On May 22, 2021, VET started trading at $0.11. On May 28, 2021, VET closed at $0.108. Thus, <a href="https://www.cryptoknowmics.com/news/vet-technical-analysis-price-below-fibonacci-pivot-point-of-019-may-fall-further-below-the-first-support-level-of-017/">in the past week</a>, the VET price has decreased by roughly 2%. In the last 24 hours, VET has traded between $0.108-$0.113.

<img class="shrinkToFit" src="https://s3.tradingview.com/snapshots/t/t6XNBvEi.png" alt="https://s3.tradingview.com/snapshots/t/t6XNBvEi.png" width="888" height="420" />

<a href="https://s3.tradingview.com/snapshots/t/t6XNBvEi.png">https://s3.tradingview.com/snapshots/t/t6XNBvEi.png</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
Currently, VET is trading at $0.109. The price has increased from the day’s opening price of $0.108. Thus, the market seems bullish.

The <strong>MACD and signal lines</strong> are negative. Thus, the overall market momentum is bearish. However, a bullish crossover by the MACD line over the signal line has occurred. Thus, we can expect an intermittent price rise amidst an overall bearish trend.

Currently, the <strong>RSI indicator</strong> is at 44%. It faced rejection at 51% and fell to this level. Thus, selling pressures are higher than buying pressures. Hence, the price may fall further.

Besides, the <strong>OBV indicator</strong> has fallen steeply. This implies that selling volumes are much higher than buying volumes. High selling activity will push the price further down.

In a nutshell, all three indicators have given bearish signals. However, intermittent price rises as corrective price action amidst an overall declining trend, cannot be ruled out.
<h2><b>VET Price Analysis</b></h2>
Currently, the price is above the <strong>Fibonacci pivot point</strong> of $0.11. It may soon fall below the pivot point and further below the first support level of $0.108. If the bears remain strong for some more time, then probably the price may fall below the subsequent support levels of $0.107 and $0.105, respectively.

The price has tested and fallen below the <strong>38.2% FIB retracement level</strong> of $0.11. It may soon fall below the <strong>23.6% FIB retracement level</strong> of $0.109. If in some time, the price falls below the <strong>23.6% FIB extension level</strong> of $0.107, then the price downtrend is strong and likely to sustain till tomorrow.

VET Technical Analysis: Price May Soon Fall Below the Pivot Point

VET price has tested and fallen below the 38.2% FIB retracement level of $0.11. It may soon fall below the 23.6% FIB retracement level of $0.109. If in some time, the price falls below the 23.6% FIB extension level of $0.107, then the price downtrend is strong and likely to sustain till tomorrow.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

VET Technical Analysis: Price May Soon Fall Below the Pivot Point

Top Picks