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

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram