VeChain (VET) established its all-time high at $0.25 – with a one-year increase of 670%. At the time of writing, VeChain crypto was trading hands at $0.11 apiece. The price has been falling in the past twenty-four hours and so has been the daily trading volume. VET crypto had embarked on an uptrend after the market crash but recent price movements suggest another pullback to the downside may be imminent. The recent performance has also turned the one-month growth to a decrease of nearly 50%.
VeChain (VET) Technical Analysis
The market sentiment continues to be bearish for VeChain coin. The technical indicators suggest a downtrend in the cryptocurrency to be continues in the upcoming days. Out of the total twenty-six technical indicators, thirteen are giving out a signal of buy with ten indicators standing on a neutral position and only three indicators suggesting a buy position. Both the oscillators and moving averages are bearish.
VeChain (VET) has been identified to be operating on a coherent wave count by a trader. P0er the trader’s analysis, VET crypto has completed the first four waves of the formation and is now developing the fifth and final wave. The fifth wave will lead VET coin to test the important support level at $0.034. If the support level hold then bullish divergence can be expected from the cryptocurrency. However, the market sentiment suggests the support level may not hold, in that case, VeChain can be expected to fall much lower.
Why VeChain (VET) will rise again?
VeChain is a supply chain platform based on blockchain technology. The aim of the project is to utilize blockchain technology like distributed governance as well as the Internet of Things to solve the problems that are rampant in the supply chain ecosystem. The project rose to popularity amidst the bull run of 2021 like many other altcoins.