VeChain, currently (VET), trading During a downward market trend, the price of $0.1979 has experienced a time of considerable uncertainty. This analysis looks at whether the recent growth of network can drive a potential recovery towards $0.24.
VeChain’s price movement is characterized by an ascending wedge pattern. VET, after a drop of 3.78% yesterday is now trading in a tighter range.
The direction in which a breakout could occur is not always clear. VET’s decline in value was 10.77% over the past seven days. The week prior, a drop of 16.71% was marked by a bearish candle.
The Impact of Network Growth
VeChain’s growth is showing promising signs despite the price struggle. According to VechainStatsIn the past 12 months, the number of active accounts has increased from 160,264 to 4,18,000,000. The number of accounts active has also increased to 160.264 by September 3. This indicates a strong network growth.
Follow us on Twitter to stay connected with us: @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Support and resistance levels
VeChain’s price movement is backed by a strong trendline, which has been in place for the last two months. Daily Relative strength index (RSI), which shows a bullish divergence suggests a possible reversal.
The technical indicators show a mixed view. Post-death crosses with 50-day and 20-day Exponential moving averages (EMAs) indicate a downward trend. The price should break below this trendline. next Support levels at $0.0175650 and $0.01922 are also important. If VeChain is able to go over $0.20 then resistance will be near the 50 day EMA, which is $0.24. The 200-day EMA, at $0.028 could be the next target for further upward movement.
VeChain’s While the current price at $0.1979 represents broader uncertainty in the market, significant growth among network accounts could provide a potentially positive outlook. Although technical indicators are indicating caution, network health is a factor that could be supportive of a market rebound.
VeChain will be tested by investors and analysts who closely watch the market trend and the network development to find out if it can overcome the $0.24 level of resistance.
The following is a list of Disclaimers: The content of this website is intended to be informative and not considered as legal advice. financial advice. This article contains opinions. article may include the author’s personal opinions and do not represent ’s opinion. The reader is encouraged to conduct thorough research prior to making investment decisions. Readers are solely responsible for any action they take. own risk. The risk of any financial losses.
Join us! Twitter, Facebook, TelegramThen, Google News
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: timestabloid.com