Over the last 24HR, VeChain price has fallen -1.8% despite many top cryptocurrencies experiencing upward momentum. Based on current technicals, VET/USD is flashing additional sell signals. Why does Vechain look bearish in the short-term?
Cryptocurrency 24HR Performance
Since late March, VeChain has been on a tear, surging nearly +453%. The 26th largest crypto by market capitalization started to cool down after hitting its yearly high around $.022 on August 20th. At the time of this report, VeChain price is hovering right around $.016973 with a total market cap of $1,086,748,406. During the last 24hr, VET price has witnesses downward momentum despite many of the top digital assets rallying.
VeChain Technical Analysis
During the massive rally since late March, VeChain was able to maintain the 25 day moving average which was bullish. During the recent sell-off, VET rejected the 25 day moving average for the first time in a while. Traders will be looking for VET to hover back above the 25 day moving average to confirm upward momentum. Based on recent price action, VeChain seems like it may test support at $.015 before ramping up for another bullish push. If this analysis holds true, VET could experience around a -11% drawdown from current levels to set up for the next bullish move.
On the flip side, traders will be looking for VeChain to power its way through resistance at $.01865 to confirm upward momentum. That level seems to hold strong resistance that could officially put bulls back in control in the near term. This is also the level that the 25 day moving average currently sits at. With this being said, it further supports the theory that VET needs to power its way through $.01865 before we can confirm a bullish environment. As discussed above, you could very well see additional downward momentum to put it in a better position to do so.
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