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  • VeChain price loses 0.8% to lows below the $0.12 level.
  • VET’s upwards trend to be met by several hurdles such as the 50 and 100 SMAs.
  • VeChain sends multiple bearish signals on the four-hour chart.

The VeChain price prediction is currently bearish after dropping 0.8% over the last 24 hours to trade just above the $0.12 psychological level. VET’s market capitalisation has increased by 1% to the current value at $7,794,344,222 over the same period. The bearish leg that began since the cryptocurrency reached its three-month high around $0.144 on August 16 has seen it tank below the 50 and 100 period simple moving averages (SMA).

At the time of writing, VeChain is trading at $0.120 as bears focus on stretching losses below the $0.118 support level.

The question that many traders are seeking to be answered is where to buy VET cheaply at the moment. Well, let’s find out more.

VeChain Price Correction May Continue In The Near Term

VET/USD price closed the day in Wednesday in green around $0.127 as the bulls attempted to hold above the 50 SMA. The VeChain price starting the early Asian session trading in the red reaching an intraday high around the $0.130 psychological level before tanking below the 100 SMA to reach an intraday low around $0.117.

Currently, the bulls are trying to hold above the immediate support at the $0.118 level. Note that a session closure below this level could push VET price towards the intra-day low at $0.117. If VeChain closes the day below today’s low at $0.117, VET could be forced to re-test the support at$0.116.

VET/USD Four-Hour Chart

VeChain Price Four-Hour Chart
VeChain Price Chart by Tradingview

VeChain Price Sends Multiple Bearish Signals

VET’s bearish thesis is accentuated by the multiple bearish crypto signals the asset has sent on the four-hour chart. For example,  the SuperTrend Indicator changed from green to red and flipped above the price, this sending a bearish signal on the four-hour chart this morning. This indicator follows the trend of an asset like the moving averages, but as it overlays the chart, it calculates the volatility, thereby sending buy and sell signals. Note that as long as the SuperTrend moves above VeChain’s price, the bearish leg will continue.

VeChain Price Four-Hour
VET Price Chart by Tradingview

In addition, the downward movement of the Moving Average Convergence Divergence (MACD) indicator below the signal line as it crosses the zero line into the negative region accentuates this bearish thesis. Moreover, the Parabolic SAR is still negative and the RSI’s value at 41.17 shows that the bears are still in control of the VeChain price.

On the upside, the key level to watch for the day ahead is the $0.123 resistance level where the 100 SMA sits. If VET closes the session above this level, it would be an indication that the bullish leg will be re-started. The bullish momentum will be fully confirmed if the VeChain price breaks out above the major resistance at $0.127 embraced by the 50 SMA.

Where To Buy VET Now?

If you want to buy VET cheaply, you can so on eToro.  eToro is one of the FCA regulated crypto trading platforms with over 20 million user globally. eToro charges low trading fees and commissions. Other exchanges where you can buy VeChain include FTX, Bittrex, Binance and Kucoin among others.

Looking to buy or trade VeChain now? Invest at eToro!

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