VeChain suffers due to the heavy market pressure, and most of the cryptocurrencies are reflecting downside momentum since yesterday. As per the overall market scenario, the price movement of VET coin might remain the same for the rest of the day.
Today, the currency is dealing around $0.00484 with a market cap of $266,720,017. The 24-hour volume is $160,371,963. The coming period for the currency would start improving and lay good results for the investors as it already started moderate recovery.
VeChain Plunges & Eyes on Key Support
The intraday movement of VeChain is reflecting downward correction. Yesterday, it started dealing at $0.0058 during the opening hour, and in the next 3 hours, the price dribbled to $0.0056 by 4.59%. After this price drop, the VET coin hovered around the same level till 12:38 UTC. The period after that exhibited a heavy plunge. The price counter changed from $0.0056 to $0.00493 by a heavy fall of 12.85% in 3 hours. Then, it improved immediately and touched $0.00524. The coin remained at the same level till 20:27 UTC, but then, the price dribbled to $0.00466 from $0.00515 by 9.54% in 3 hours and 23 minutes. The overall intraday movement in VET coin reflected a 19.35% plunge.
If we look at the price trend of VeChain from the beginning of the year, it marked an overall uptrend with in-between heavy fluctuations. Today, it began the day with a slight recovery. The same was hampered in the next 2 hours. This time VET price dropped to $0.00438 but soon improved to $0.00484. The price of the coin seems to be slipping towards the immediate support level at $0.00440 as per VeChain forecast. The chances of violating the next support level at $0.00404 by the end of the day are also ripe. The intraday trading in VeChain isn’t looking promising.
Resistance & Support Levels
R1: $0.005459, R2: $0.006162 and R3: $0.006516
S1: $0.004402, S2: $0.004048 and S3: $0.003345
