• Bearish trend on VeChain price analysis slows down

  • The most resistance is seen at $0.0866.

  • VeChain’s current trading in a tight consolidation between 0.0456 and 0.0565

According to the VeChain pricing, VET/USD has been trending lower in the previous 24 hours. However, today’s price has turned positive with about a +2% gain at the time of writing.

The analysis indicates latent market volatility, rendering market stability a goal, which implies the cryptocurrency’s price will stay consistent until volatility begins to vary on either extreme. The resistance and support bands seem to have bridged the gap, causing the market to enter a consolidative range and decreased volatility.

The upper edge of consolidation is at $0.058, acting as a significant barrier for VET. The support on the range is at $0.0509, showing the most significant support for VET. 

Source – TradingView

The price of VET/USD appears to come above the Moving Average curve, signaling a short-term bullish trend. Ultimately, the price may break through the resistance and trade higher or break the support, culminating in a breakout that may generate further increasing volatility.

The market is skewed towards the bears

The VeChain pricing research suggests that market volatility will be rising in the short term. This implies that VET/USD prices will change in the same proportion as volatility; increased volatility indicates a greater likelihood of the price changing to either extreme. 

The price of VET/USD appears to be breaking above the central pivot zone, signaling a bullish trend. If VET fails to sustain the momentum, we will quickly see the bearish momentum come back into play.

This post was originally published on Coinjournal.