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VeChain Price Analysis: VET/USD dips back inside the 20-day Bollinger Band

  • VET/USD faced bearish corrections after two straight bullish days.
  • RSI has dipped down to 61.53 from the edge of the overbought zone.
VeChain Price Analysis: VET/USD dips back inside the 20-day Bollinger Band
Rajarshi MitraRajarshi MitraIndependent Analyst

VET/USD daily chart

VET/USD daily chart

VET/USD faced bearish correction following two straight bullish days, wherein it dropped from $0.0215 to $0.021. VeChain was previously trending above the 20-day Bollinger Band, showing that it was overpriced. However, the bears have now dipped the price back into the Band. The RSI has dropped down from the edge of the overbought zone to 61.53, while the MACD shows increasing bullish momentum.

VET/USD has one strong resistance level at $0.0222. On the downside, we have healthy support levels at $0.0187, $0.018 (SMA 20), $0.0173 and $0.0156 (SMA 50). 

To catch up on the crypto market, read our report.

Author

Rajarshi Mitra

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

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