VeChain has been moving in a down-trending pattern as the token declines and trades with a current market value of $0.0219. The VET token is currently revolving around the support zone as there is indecisiveness between bears & bulls.
On July 11, the price was reduced marginally. The VET price has fallen from its 52-week low of $0.0201, from where the VeChain price tried to turn and got tested at the trend line. However, the value could not close above the trend line and returned to its lows. Check out VET crypto prediction to know when the token will break the consolidation zone.
In the middle of May 2022, the crypto entered the oversold zone. However, the RSI is at 38 currently shows neutral price action. The Signal Line and MACD Line are about to intersect each other with diminishing green candles, also indicating neutral price action.
The investors should wait for the price to reach $0.0203. If the price closes below the Support line, a strong downtrend momentum can be predicted in the long run. The volume shows tiny movement towards the bulls or bears, showing an unbiased price trend.
On the weekly chart, the candles are moving between the price range of $0.0268 and $0.0203. The indicators are also neutral, and once the indicators give a trade signal, a strong trend may be expected in the same direction.
The previous week’s candle showed a marginal move, and though the bulls tried to take the price up, but couldn’t close above the recent high of $0.0267. Traders must wait for the next few candles before entering the trade as the token shows a neutral price move.