VeChain has been one of the most discussed cryptocurrencies of the bygone year 2020 and had lured many investors with its super bullish movement followed by the YTD high marked in August 2020. It was in August when the largest cryptocurrency by market capitalization, Bitcoin, crossed above $11 for the first time in the year.
However, the current bearish channel of VET/USD is due to a loss of traction in the altcoin market even though Bitcoin was trading above $29k on New Year’s Eve. In this regard, just like most of the altcoins, VET is seen correcting downwards from the recent $0.0217 that it had hit on December 29, 2020, while currently trades at $0.0193.
The currency is clearly testing daily supports but with a tranquilizing momentum at present, which leads to a sluggish yet balanced bearish outlook of the coin as the 4-hourly demand is away from hitting the extremities, with RSI lying at 52.13.
VeChain Price Analysis
VET has been one of the renowned cryptos due to its lucrative and omnipresent platform that is making its way to be available in all the possible fields, helping the community do far better and efficiently with the help of blockchain.
The spurring price of VeChain was undoubtedly an added advantage to attract the investors, and therefore, the coin is now one of the top 25 cryptos of the market.
The 3-hourly VET/USD movement shows a clear rise from the previous month’s low that the coin had hit at $0.0115, while current trade rose with over 65%, but the bearish trend takes over it corrects downsides from the recent high. However, the current trading price candle is away from breaching the lower band and retains support from MA50 and MA200 on the 3-hourly chart at $0.0183 and $0.0167, respectively.
MACD confirms the bearish crossover on the 3-hourly chart after correction below $0.020, but the MACD line is likely to take over the signal line if the VET price spikes. The price is likely to start recovery and breach its previous reistance around $0.021 in the upcoming days.
