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VeChain Technical Analysis - Bears Continue to Dictate Price

Updated: Jul 25, 2024
Published: Jul 22, 2019
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Since our last look at Vechain, the coin has fallen 4 spots in the market cap rank. Coins such as V System, Bitcoin Gold and DogeCoin outperformed VET recently, with their market capitalisation ranging slightly over $360 Million USD. At the time of writing, VeChain is up 6% against the USD and 7% against BTC today, currently trading at $0.0062.

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Since the end of June, VET has lost over  $180 Million USD in market cap. Regarding 24H volume, the asset has also lost liquidity, with over a $131 Million USD lost in daily volume since the end of last month.

The project is focused on enhancing global supply chains by using blockchain technology is now testing a key monthly level.

VET has rejected the $0.0055 demand zone several times in the past, specifically in the zones circled in black (Feb 25th, April 29th, May 13th, Jul 16th).  Looking at the daily timeframe, it is clear price action has rejected the $0.0050 support zone. Taking into account the current PA, we may be seeing price bouncing once more.

Bulls can take as targets the 61.80% and 78.60% levels ($0.0076 approximately). Nonetheless, it is also expected VETUSD to lose momentum around the aforementioned Fib levels. Should this be the case, VET could create a potential leg to the downside until reaching the yellow zone once again.

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