VeChain (VET) is attempting a comeback amidst the ongoing crypto market correction. Despite a promising 6% surge in the last 24 hours, the token faces an uphill battle, battling resistance and recovering from recent losses.
Recent Performance & Critical Support Level
While the past month saw a significant 32% decline for VET, the last week alone brought a 10% drop. Currently, VET trades at $0.0238, encountering resistance at $0.0211, a crucial hurdle for a definitive upward move.
Crypto analyst Yapper emphasizes a critical juncture for VET on the weekly chart. He highlights VET’s struggle to maintain its position above a significant support level after months of descent. A weekly close below this level could signal further downside potential, while a close above could indicate a possible reversal or stabilization.
VET Price Forecast: Balancing on a Knife’s Edge
The price action hinges on a crucial battle between support and resistance levels. If the critical support at $0.0211 crumbles, VET could face steeper declines, potentially targeting $0.018 or even $0.015. Conversely, surpassing the $0.027 resistance level observed on July 1st could pave the way for a climb to June’s high of $0.037, provided bullish momentum picks up.
Technical Indicators Offer Mixed Signals
The Relative Strength Index (RSI) sits at 35.34, nearing oversold territory. This suggests a potential exhaustion of selling pressure, potentially attracting buyers. However, the Moving Average Convergence Divergence (MACD) indicator paints a bearish picture, with a downward trend and negative histogram bars, hinting at persisting short-term bearishness.
A Decisive Point for VET
VeChain stands at a crossroads. The market’s reaction to key support and resistance levels will likely determine its near-term trajectory. Breaking resistance and climbing towards $0.027 and beyond would signal a potential recovery. However, failing to hold support could lead to further downward pressure. Investors should closely monitor these levels and broader market conditions to make informed decisions regarding VET.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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