VeChain has seen a 7.43% price decline over the past 24 hours of trading, bringing the current market price down to around $0.004205 at the time of writing. The cryptocurrency has now lost a total of 11% over the past 90 trading days.
VeChain Throw is currently ranked in the 26th position as it currently holds a $231 million market cap value. The 7 month old project is now trading at a value that is 78% lower than the all time high price.
Let us continue to take a look at price action for VET/USD over the recent period and highlight some potential areas of support and resistance moving forward.
VET/USD – SHORT TERM – DAILY CHART
Taking a look at the VET/USD market from the daily chart above we can see that, since our last VET/USD price analysis, price action went on to increase. The market continued to rise until reaching resistance at our expected price level around the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.005237. This bearish Fibonacci Retracement level is measured from the November 2018 high to the December 2018 low.
After reaching the aforementioned level of resistance, the market had rolled over and started to decline. In today’s trading session, we can see that price action has managed to reach support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.004163.
Looking ahead, if the selling pressure continues to push VET/USD beneath the support at $0.004163 we can expect immediate support below to be located at the short term .786 Fibonacci Retracement level (drawn in green) priced at $0.003774.
Further support beneath this can then be expected at the long term downside 1.414 Fibonacci Extension level (Drawn in blue) priced at $0.003454.
Alternatively, if the buyers can hold the support at the short term .618 Fibonacci Retracement level (drawn in green) priced at $0.004163 and begin to climb higher, we can expect immediate resistance above to be located at the short term .5 and .382 Fibonacci Retracement levels (drawn in green) priced at $0.004436 and $0.004709.
If the buyers can continue to climb even further higher, more resistance above is then expected at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.004237. This is followed with resistance at the $0.005 level.
The RSI has entered bearish territory as it breaks below the 50 level which indicates that the sellers are in control of the market momentum. For a sign that the bearish pressure is fading, we will look for the RSI to start to rise back toward the 50 level.