- Bears have been exerting pressure on the VET market in the previous 24 hours.
- Indicators suggest that bulls may have a chance to prevail.
- Bulls must strive to reverse the current negative momentum in VET.
Bulls in VeChain (VET) succumbed after encountering firm resistance around $0.01653, and bears successfully pushed the prices down until reaching support at $0.01603. As of press time, this downward trend has managed to lower prices to $0.01613 (a 2.19% dip).
This recession caused a 2.00% decline in market capitalization to $1,169,930,414 and a 33.19% reduction in 24-hour trading volume to $22,548,675, respectively.
As they go downstream with their mouths closed, the three lines are supposedly indicating a downward trend in the Williams alligator. Since the blue line (0.01633) is above the red line (0.01625) and the red line is above the green line (0.01620), the present trend in the VET market will persist unless bulls invalidate it. This pessimistic trend is reinforced by the price falling below the Williams alligator’s mouth.
With a score of -0.13, the Chaikin Money Flow (CMF) is indicating negative money flow, supporting the premise of a protracted recession and increasing bear strength.
The VET market is showing signs of weakness as the RSI line drops below the signal line. When the RSI hits 40.93, as it has recently on the VET price chart, this becomes evident.
The stochastic RSI oversold reading of 10.55 provides VeChain investors with some optimism that the present decline is ending; but, a price reversal is not certain.
Bulls may have a chance for a reversal now that the MACD blue line has moved above its signal line with a rating of -0.00012. The most recent spike in the positive territory of the histogram lends credence to the notion that bear power is waning.
The bearish trend in the VET market can only be discredited if bulls are successful in holding the resistance level and prices.
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