VET/USD Long-term Trend: Bearish

Resistance levels: $0.014, $0.015, $0.016,
Support levels: $0.010, $0.009, $0.008

On September 1, the VET/USD pair had an opening balance of $0.017 in a bearish trend. The crypto’s price fell to the low of $0.011 and commenced a range bound movement. VeChain traded and closed at a price of $0.13. In September, VeChain has lost 29% of its capitalization. On October 1, it has an opening balance of $0.013 but the digital currency traded into a downward trend. The crypto’s price fell to the low of $0.011 but managed to recover.

The digital currency has reached the oversold region of the market and price is expected to rise. Nevertheless, the price of VeChain is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 39 which indicates that the market is oversold signaling bears' exhaustion and suggesting bulls to take control of the market.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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