- VeChain has vanished all the gains it did acquire on the day before yesterday; how much BTC is responsible here?
VeChain (VET) was operating with a range-bound approach on March 26 while it lacked momentum. The coin saw a significant price escalation the next day as it carried out a price rally of more than 18%.
Here, the coin reached above $0.0035 and faced a rejection there. After a few more spikes above $0.0035, the coin corrected down and stabilized there till it closed yesterday.
- VET lost its stable approach; the 11.88% decline took the coin below $0.0029
Yesterday, the coin closed with a sharp decline of 11.88%. Here, the coin bottomed at $0.0028; notably, all the gains of the last three days have been washed out with this nosedive. However, a recovery journey has already taken place today.
- VET price is recovering above $0.0030 now; bullish trendline may sustain
A slow recovery has been kick-started as the support level at $0.0028 has played its part. A bullish trendline also appears in the chart, as per our VET Forecast, which is likely to sustain if the VeChain price remains above $0.0030 firmly.
After the recent nosedive, the VET coin has slipped below the 200-day EMA line, noting an extremely negative sign. Meanwhile, moving averages have also formed a bearish crossover today as its short term SMA line is below the longer one. Moreover, the MACD indicator has just entered a bearish zone, and RSI is showing a stable phase for now.