VET on Strong Bearish Trend

Bears dominate VeChain market

VeChain Price Analysis – 17 November

When VET breaks down the support level of $0.018 level, it may decrease to $0.017, and $0.016 support levels. The closing of the daily bullish candle above the $0.020 level may increase the price to $0.021 and $0.022 levels. The relative strength index period 14 is at the 39 level pointing downside to indicate a sell signal.

VET Price Analysis – 17 November

Key Levels:

Resistance levels: $0.020, $0.021, $0.022

Support levels: $0.018, $0.017, $0.016

VET/USD Long-term Trend: Bearish

VeChain is on the bearish movement in the daily chart. VET has lost 16.78% of its volume within 24 hours. The Crypto suddenly drop from the high of $0.027 to the $0.017 support level. The buyers were able to push the coin to the resistance level of $0.027 on 07 November. Sellers gained more momentum and this is noticed when a strong bearish engulfing candle emerged. Following the scenario is the formation of more bearish candles and the price is reduced to $0.017 At the moment. The coin sits on the $0.018 level.

On the daily chart, VET/USD is trading below the two EMAs. The 9 periods EMA has crossed the 21 periods EMA downside as a confirmation of a downtrend. When VeChain breaks down the support level of $0.018 level, it may decrease to $0.017, and $0.016 support levels. The closing of the daily bullish candle above the $0.020 level may increase the price to $0.021 and $0.022 levels. The relative strength index period 14 is at the 39 level pointing downside to indicate a sell signal.

VET/USD Medium-term Trend: Bearish

VeChain is bearish in the medium time frame. The buyers lose momentum at the resistance level of $0.027 level. Sellers’ pressure was increased and the price broke down former support levels of $0.023, $0.022, and $0.021. The low support level of $0.017 was tested on 14 November. It pulled back to retest the resistance level of $0.021.

VeChain is trading below the two EMAs as a sign of a bearish market.  The Relative Strength Index period 14 indicator is at 43 levels displaying a bearish market direction. In spite of the general bearish trend experienced in the Crypto world, many investors are making a profit in IMPT tokens and D2T tokens.

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