• The VET coin price looks bearish in the short term.
• It is currently trading at $0.0156 with a repulse of 0.58% in the last 24 hours.
• The token is down by 94.38% from its all-time high.

The VET token price demonstrates that it is currently in a bearish trend. The market of the token is in favor of the bearish investors. Currently, It is trading at a support level from where if the buyers enter the market the price can shoot up. The sellers currently have a stronghold in the price, which shows that the price will decline further.

The all-time high value of the token was recorded on 17 April 2021, when its price was $0.2782 per coin. This token is trading with a loss of 10.11% in its daily volume.

• The market cap of the token is at $1.13 Billion.
• 83.86% of tokens are presently circulating in the market out of its total supply.
• The token has a trading volume of $20.2 Million in the last 24 hours.

Vechain and Vyvo Smart Chain Form A Strategic Partnership 

The Vyvo Smart Chain is a recently launched purpose chain that aims to promote positive lifestyle habits through health data monetization. Vyvo Smart Chain leverages proprietary smartwatch technologies to generate user data, roughly 45TB to date, and is in the process of building a bespoke platform for health information trading and monetization. (Source: coinmarketcap.com)

If this news has a positive impact and the buyers show interest, we can see a bullish move soon. As we are also trading at a support level.

Market Sentiment Analysis 

The market sentiments of the token indicate a negative side of the token’s price action. The token has a loss in the bullish sentiments and also in bearish sentiments of about 65.32% and 55.56% respectively. Its social community is also not on the active side. The buyers are not looking in the mood to take the price upwards as the social mentions have also decreased by 50.54%.

Daily Technical Analysis 

The last time the price of VET was bullish when it got support from the $0.14 level. It was not a support before but the major support was the $0.15 range. The price broke that range just to capture the sellers by giving them a fake signal of more bearish momentum. The coin price then started to gain a bullish upside momentum from where the bears got trapped and we got about 40% of gains and then we got a rejection from the $0.021 resistance.

After that, The price created a falling wedge candlestick pattern from where the price got rejected from the $0.18 range and fell. It is now trading at $0.156.

The price is currently trading at a major support. The inflow of volume of the token is on the negative side. It tells that the price is going to be bearish for a short-term period. If we break below the support, we can see the range of $0.14 and $0.13. 

If the price acts the same as it was earlier in June 2023, we are likely to take support from the $0.14 range and start a bullish rally. When the price was at this range of $0.14, there was an immense amount of inflow of volume in the token. We want this same amount of volume for a rally.

The RSI is at 39.53 points and the SMA 14 is at 38.91 points. The RSI at SMA 14 are very close to each other. This point of cross between them can indicate a bearish trend. The bounce of the RSI line from the SMA 14 line and moving above the neutral level of 50 will show a bullish trend.

The Stochastic RSI is also under the oversold region, indicating a bearish trend of the price.

Conclusion 

After the analysis of the VET token, we can say that the bears are dominating the market. The price will remain bearish for a short-term period because the community is not looking strong enough. Besides, the volume is on the negative side. It shows we are going to be bearish for some time until and unless the bulls enter the market.

If the bulls enter the market, then we are going to take support either from $0.015 or $0.014 and start a bullish trend.

Technical Levels

• SUPPORT: $0.0154, $0.0146 and $0.132
• RESISTANCE: $0.189, $0.210 and $0.228

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.