VeChain has been falling towards its lows like other cryptos and reached its lower zone from where the price has reached its highs. VET token has been gainful for the bulls till November, after which there has been the constant formation of lower low peaks as the price continues to decline.
The VeChain price reached its high of $0.1757, after which the bears rolled down the price significantly, and the token is currently moving at the price of $0.0219. During the previous week’s candle, the VET token declined hugely. After that, the forming candle continued to reduce and move below the previous week’s candle, indicating a further downfall.
The VET price on the daily chart is moving below the downtrend line, and in the last few days, the price has been moving sideways in consolidated momentum. The forming bearish candle closing below the Support Line signals a further downside momentum. The VeChain price has been continuously closing below the previous low, as indicated on the daily chart.
The token has reached the 52-week low and has entered the oversold zone. The VET price may further reach its lower lows if the bears continue to push the price down. The MACD line is trading below the Support line, and the histogram chart shows red candles indicating a sell signal.
The RSI indicator is at 28, indicating that the VeChain token is in its oversold zone and may decline further if the price continues to fall. However, if the bulls show positive sentiments and close the price above the recent high while suppressing the downtrend line, an upside momentum can be expected. However, looking over the technical parameters, the token looks bearish in the coming future.