VeChain(VET)/USDT Technical Analysis: 15 February 2022

Vechain was considered as the better investment option before when the asset exhibited its tendency to fight all the odds to rally towards its highs. Woefully, ever since the mid-Q4 2021 spike, the VET price plunge heavily and also maintained a constant descending trend until the present-day trade. Additionally, each attempt of reversing the trends appears to go in vain as the bear has currently capitulated to the market leaving very small room for the bulls to exercise. 

VeChain(VET)/USDT Technical Analysis at a Glance

The VET Price after hitting the lows in mid-December maintained a notable consolidation for a month. However, the year’s first extreme sell-off later dragged the price below $0.06 and compelled the price to hover around these levels for some time. As the strength of rally weekend, a jump to certain levels was also nullified with almost an equal drop. Yet the buyers appear to leave no stone unturned in preventing the asset from visiting more low levels.

Additional Read: Daily Crypto News 15 February, 2022

VeChain(VET) Technical Indicators & Pivot Levels

Technical Indicators

Pivot Levels

Summary

The VeChain price is pretty bullish in the short term but extremely bearish in the long term. The StochRSI has smashed the overbought levels and hence a minor pullback may be expected in the STF. The MACD is displaying a notable accumulation of buying pressure in the short-term, while in long term, a notable sell signal has emerged. Yet the volatility of the asset is low in both the time frames and hence no drastic change on either side may be expected. 

On the other hand, the ADX which shows the strength of the rally remains depleted in both the short-term and long term. Displaying the reduction of the strength in the rally, the asset may continue with the trend slowly but steadily avoiding huge jumps or plunges. Interestingly, the RSI which indicates the overbought and the oversold conditions of the market is attempting to make a bullish divergence in both the time frames. 

Furthermore, coming to the pivot levels, the VET price has just flipped the 50-day MA in the short-term but consolidates towards the south. The price may not revisit these levels as a tough fight from the buyers are preventing the sellers to slash the price. Yet the 50-day MA is a little distinct in the long term. These levels are pretty important to be cleared to ignite a notable uptrend. Later, the upper resistance may be tested and cleared with ease. 

VeChain(VET)/USDT Technical Analysis for the Week

The VET price initiated the past week’s trade with a notable uptrend, but very soon fell into a deep bearish well. This continued further and the asset slashed more than 21% until a decent flip was ignited that halted the descending trend for some time. The asset did surge notable in the early trading hours but eventually ended up squeezing its gains to some extent. Despite the decent downtrend prevails, the possibility of a flip may not be eliminated.

Source: Tradingview Date: 15-02-2022 Time: 12:24 pm

• After the recent surge and plunge, the asset is trending within more or less a symmetrical triangle yet the apex being pretty much distinct
• The price is now testing a minor resistance which may be cleared soon and further assist the price as support amid a pullback
• However, the possibilities of a plunge down slicing the triangle and hitting the lower support may also be considered amid extreme sell-off 
• Here both chances of a flip similar to that of previous flips and also a strong descending trend may be estimated as it is one of the strong liquidation areas
• The asset currently has to maintain within the triangle and accumulate strength to barge in the resistance and continue moving towards the north to hit the strong demand area along with the strong resistance just above $0.074.

VeChain(VET)/USDT Technical Analysis for Today: 15 February 2022

The VeChain price maintained a notable consolidation for a couple of days after a huge slash earlier. However, the consolidation was along the descending channel which was flipped in the early trading hours. After a notable uptrend, the asset again faced a minor pullback but the buyers jumped in quickly and nullified the downtrend after a strong fight with the sellers. Yet a complete flip may not be completely certified as the fear of acute plunge is also haunting the rally. 

The VeChain(VET) price at the press time is $0.05733 with a jump of 3.51% compared to the last trading day close. The trading volume has also experienced a jump of nearly 6.44% and the market capitalization also witnessed a surge of nearly 3.6%. The price is expected to consolidate a little and finally jump to some extent throughout the current trading day to eliminate acute plunges ahead. As the bears may become active witnessing a sudden spike in the price. 

Where & How To Buy VeChain(VET)

Investing in VeChain(VET) or Decentraland(MANA) or Bitcoin(BTC) or any token of your choice is extremely easy on CoinDCX. Apart from being the most trusted cryptocurrency exchange of India, it is the first crypto Unicorn in the country. And hence celebrates the achievement of reaching the 1 Crore user milestone, keeping security at the top priority. 

Registering with CoinDCX is extremely simple and takes just a few minutes. All you need to do is download the CoinDCX App on your smartphone and enter the required details. Once the platform verifies your entered details, fund your wallet and buy your favorite tokens with ease.

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