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VeChain(VET)/USDT Technical Analysis: 15 February 2022

VeChain(VET) Technical Analysis

Vechain was considered as the better investment option before when the asset exhibited its tendency to fight all the odds to rally towards its highs. Woefully, ever since the mid-Q4 2021 spike, the VET price plunge heavily and also maintained a constant descending trend until the present-day trade. Additionally, each attempt of reversing the trends appears to go in vain as the bear has currently capitulated to the market leaving very small room for the bulls to exercise. 

VeChain(VET)/USDT Technical Analysis at a Glance

The VET Price after hitting the lows in mid-December maintained a notable consolidation for a month. However, the year’s first extreme sell-off later dragged the price below $0.06 and compelled the price to hover around these levels for some time. As the strength of rally weekend, a jump to certain levels was also nullified with almost an equal drop. Yet the buyers appear to leave no stone unturned in preventing the asset from visiting more low levels.

Short Term After a brief consolidation, the VET price is ranging high yet a small pullback is hindering the pace and hence the price may continue to swing within narrow braces throughout the day
Mid-Term The price has just flipped the bearish trend and attempting to maintain a decent uptrend
Long-Term The long-term is extremely bearish as the price is on the verge to shed more gains in the upcoming days

Additional Read: Daily Crypto News 15 February, 2022

VeChain(VET) Technical Indicators & Pivot Levels

Technical Indicators

Technical Indicators Value(1Hr / 1D) Action (1Hr / 1D)
StocasticRSI(StochRSI) 83.02 / 51.6 Overbought / Neutral
MACD 0.0 / -0.003 Buy / Sell
Bull-Bear Power 0.0015 / -0.002 Buy / Sell
Average Directional Index(ADX) 30.95 / 25.89 Buy / Sell

Pivot Levels

Pivot Levels Short-Term Long-Term
Moving Average(MA)-50 $0.056 $0.068
Moving Average(MA)-200 $0.061 $0.104
Resistance $0.0603 $0.0982
Support $0.05633 $0.0424

Summary

The VeChain price is pretty bullish in the short term but extremely bearish in the long term. The StochRSI has smashed the overbought levels and hence a minor pullback may be expected in the STF. The MACD is displaying a notable accumulation of buying pressure in the short-term, while in long term, a notable sell signal has emerged. Yet the volatility of the asset is low in both the time frames and hence no drastic change on either side may be expected. 

On the other hand, the ADX which shows the strength of the rally remains depleted in both the short-term and long term. Displaying the reduction of the strength in the rally, the asset may continue with the trend slowly but steadily avoiding huge jumps or plunges. Interestingly, the RSI which indicates the overbought and the oversold conditions of the market is attempting to make a bullish divergence in both the time frames. 

Furthermore, coming to the pivot levels, the VET price has just flipped the 50-day MA in the short-term but consolidates towards the south. The price may not revisit these levels as a tough fight from the buyers are preventing the sellers to slash the price. Yet the 50-day MA is a little distinct in the long term. These levels are pretty important to be cleared to ignite a notable uptrend. Later, the upper resistance may be tested and cleared with ease. 

VeChain(VET)/USDT Technical Analysis for the Week

The VET price initiated the past week’s trade with a notable uptrend, but very soon fell into a deep bearish well. This continued further and the asset slashed more than 21% until a decent flip was ignited that halted the descending trend for some time. The asset did surge notable in the early trading hours but eventually ended up squeezing its gains to some extent. Despite the decent downtrend prevails, the possibility of a flip may not be eliminated.

Source: Tradingview Date: 15-02-2022 Time: 12:24 pm

VeChain(VET)/USDT Technical Analysis for Today: 15 February 2022

The VeChain price maintained a notable consolidation for a couple of days after a huge slash earlier. However, the consolidation was along the descending channel which was flipped in the early trading hours. After a notable uptrend, the asset again faced a minor pullback but the buyers jumped in quickly and nullified the downtrend after a strong fight with the sellers. Yet a complete flip may not be completely certified as the fear of acute plunge is also haunting the rally. 

The VeChain(VET) price at the press time is $0.05733 with a jump of 3.51% compared to the last trading day close. The trading volume has also experienced a jump of nearly 6.44% and the market capitalization also witnessed a surge of nearly 3.6%. The price is expected to consolidate a little and finally jump to some extent throughout the current trading day to eliminate acute plunges ahead. As the bears may become active witnessing a sudden spike in the price. 

Where & How To Buy VeChain(VET)

Investing in VeChain(VET) or Decentraland(MANA) or Bitcoin(BTC) or any token of your choice is extremely easy on CoinDCX. Apart from being the most trusted cryptocurrency exchange of India, it is the first crypto Unicorn in the country. And hence celebrates the achievement of reaching the 1 Crore user milestone, keeping security at the top priority. 

Registering with CoinDCX is extremely simple and takes just a few minutes. All you need to do is download the CoinDCX App on your smartphone and enter the required details. Once the platform verifies your entered details, fund your wallet and buy your favorite tokens with ease.


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information, or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment, or tax advice by the reader. The calculations, data, risk-return formulations, performance, or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors, or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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