price manages to jump from the support zoneThe price structure of the Vechain price has shown an upside trend from the end of the week of October 2023. It generated higher high peaks and lows until it reached the supply level at $0.0511.
The VET price made three unsuccessful attempts to move past the resistance at the supply level but failed as bears pushed it toward the downward side. The VET price gradually plunged and later developed its support at $0.03300 by mid-May 2024.
However, the VET price stopped plunging at a critical support level of $0.03300 for the next two months, which showed consolidation; the VET had good support at this level. But bears stepped in again and pushed past this support and now have reached the previous resistance that turned support at $0.02395 on the daily chart By June 18th, 2024.
The VeChain asset displays bearish characteristics as dynamic resistance pushes it downwards, MACD below the zero line in bearish territory, and RSI below the median line.
Meanwhile, this week, there is some bullishness in price as the VET price surged 2.37% and approaches slowly towards the dynamic resistance. Similarly, the MACD has generated a bullish cross, where the histogram stays at 0.00027, and the RSI flashes at 40.32, which has taken support from 14-SMA, showing recovery from oversold to overbought.
Overall indicator analysis implies that the VET asset was in a bearish state, and despite all of this bearishness, the price has been showing traits of a bull run coming, based on buyer's interest.
Despite all significant indicators being bearish, the support seems very strong. If buyers step in, a bull attempt could also pop out.
VeChain (VET) Price Forecast!
At press time, the VeChain has been trading at $0.02672 with an intraday gain of -0.49. Also, this week, some healthy performance was attained, but overall lousy performance was achieved in the last month and three months by 23.70% and 40.37%, respectively. Thus, overall price performance symbolizes that the overall trend was bearish, but this week has witnessed some optimism in price.
Its circulating supply is 80.99 Billion, its market cap is 2.17 Billion, and its 24-hour trading volume on all trading platforms amounted to $44.74 Million.
Therefore, if the price breaks the major support, the decline could lead towards $0.020000 and $0.015000.
On the flip side, if the price manages to jump from the support zone for the upside, it could break EMAs' dynamic resistance and aim toward the upper boundary and beyond. Thus, this makes the resistances $0.033000 and $0.045000.
