VeChain Technical Analysis: VET/USD must defend this support range at all costs
|- VeChain drops to confirm support at $0.017 in tandem with major cryptocurrencies like Bitcoin and Ethereum.
- VET/USD still hangs in the balance in spite of the support at $0.017, the MACD remains in the negative region.
VeChain came down tumbling just like three major cryptoassets Bitcoin Ethereum and Ripple on Wednesday as the European session took over from the Asian session. VET/USD extended the bearish leg from $0.0210 just a couple of weeks after rising to highs close to $0.0230. The zone at $0.0190 was expected to hold like it has done for more than a week this month. However, the losses increased momentum with VET refreshing the levels around $0.0170.
Looking at the chart, VET/USD is trading marginally above the 200 SMA in the 4-hour range (precisely at $0.01850). Glancing upwards, more resistance is expected at $0.019 ahead of the 50 SMA ($0.019904). Moreover, a descending trendline resistance continues to press down the price.
Technically, the path of the least resistance is downwards as per the MACD. A bearish divergence illustrates that the pressure on VET will remain in the current session. On other hand, the RSI is holding above the oversold (30) which suggests that buyers are starting to take back control.
In spite of the pressure placed on VeChain, the bulls have a task to ensure that the price stays above the support range between $0.015 and $0.016. This will help avert losses that could eventually be damaging to the progress made since the beginning of July.
VET/USD 4-hour chart
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