- 1 The open interest for VeChain (VET) is $24.69 Million, down 6.04% from the previous session.
- 2 The VET crypto has displayed a sign of decline earlier and the price fell from a critical level.
VeChain (VET) is a proof-of-authorization (PoA) token that requires less electricity to ensure the security of the network than protocols like Bitcoin.
VeChain Software allows developers to run and build dApps, with the VeChain crypto’s blockchain, the businesses will be capable of using the dApps and even furnish more useful and forward-looking services and products.
VET Chart: Analyzing Volume and OI
Source: By Coinglass.com
The VET chart shows the relationship between Vechain’s volume and price. Looking at the chart, we can see that both asset volume and price were declining from the $40 Million volume mark. This meant a lack of interest and activity in the VET market.
Meanwhile, open interest for VeChain (VET) is $24.69 Million, down 6.04% from the previous session. The 24-hour long/short ratio is 0.9183, meaning there are more short positions than long positions. The total number of short positions opened in the last 24 hours in VET is $7.91 K and long positions are $2.94 K.
VET Crypto Price on 1-D Time Frame
Source: VET/USD:COINBASE.1.D. by TradingView
The VeChain crypto made a great comeback as the price recovered from a key level of around $0.01600 on the charts.
The VET asset has revealed a bullish structure on the daily chart as it climbed higher. It recorded good results in the previous quarter by 42.96%, signifying a steady upward movement.
However, the VET crypto displayed a sign of decline earlier and the price fell from a critical level of around $0.03850 on the charts.
The VeChain crypto is set for a dismal plunge, as it fails to break the resistance level and sinks to new lows by breaking previous swing lows and declining by following a downward trend line consistently.
The VET crypto asset is showing bearish traits and can lose more value. It has demonstrated poor performance in the past week, and past month, by 10.65% and 29.56% respectively, indicating a reliable downward trend.
The VeChain asset is bearish and has more room to fall as it drops below major EMA’s, depending on the sellers’ surge, VET could decline more.
The VET asset is displaying bearish characteristics as MACD is at -0.00129 with a bearish crossover. Meanwhile, the RSI is at 39 and is falling smoothly, implying that the Vechain asset is losing momentum and could seek new depths.
The VET crypto has experienced a decline of 1.03% in the last 24 hours, trading at $0.02689. Therefore, if the VET crypto price fails to stay above the $0.02500 level, it could decline further.
However, if the demand for the VET crypto advances, the asset price could bounce back from the current level and could break the trendline as well. The next goal for the price is to reach $0.03500.
Source: VET/USD:COINBASE.1.D. by TradingView
Summary
The VET crypto asset is showing bearish traits and can lose more value. It has demonstrated poor performance in the past week, and past month.
The VeChain asset is bearish and has more room to fall as it dropped below key EMAs. Depending on the surge in seller volume, VET could decline further. Therefore, if the VET crypto price fails to stay above $0.02500, it could decline further.
Technical Levels
Support Levels: $0.02500
Resistance Levels: $0.03500
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
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