VeChain Price Prediction: VET Sits on Strong Support Below $0.120

• VeChain Price Prediction in the short-term is bearish as accentuated by the SuperTrend and MACD indicators.
• A session closure below the $114 support level will push VET below towards the 100 SMA.
• A trend reversal can occur if VeChain violated Wednesday’s high at $0.128.

VeChain price has been choppy since closing the day in the red in Tuesday. The downtrend that began on Monday saw VET reach an intraweek low of $0.112 on Wednesday, a 22% drop from the Monday intraweek high of about $0.144.

VeChain started the day in Thursday trading in the red during the early Asian trading hours. Attempts by the bulls to overcome the 50 period Simple Moving Average (SMA) at $0.122 were immediately rejected as VET retracted towards the $0.114 support wall.

At the time of writing, VeChain is trading $0.118 on most crypto trading platforms as bears focus on breaking below the immediate support at $0.114.

VeChain Price Strong Support to Sustain Buying Appetite

At the moment, VET investors do not have a significant reason for a buy-in particularly after the $0.122 support gave in to overhead pressure on Wednesday. It almost looked like a recovery would occur during the bullish four-hour trading session yesterday. But rejection by the 50 SMA at $0.122 resistance level proved there is little to pick up from the price action.

However, below $0.11, a couple of technical elements favour the VeChain price. First, VeChain is trading above the 100 and 200 SMAs at $0.109 and $0.092 which turned into support following the July 21 rally.

Second, VET is trading above the price range defined by the descending parallel channel with the tip of the upper boundary acting as support. Note that this support is also embraced by the 200 SMA at $0.092.

Apart from these two solid reasons, VeChain buyers might wait for fundamentals to kick in before we see the emergence of the buying appetite.

 VET/USD Four-Hour Chart

A look at the day Ahead For VET

VeChain price prediction for the short-term is bearish as accentuated by crypto signals from the SuperTrend Indicator changed from green to red and flipped above the price, this sending a bearish signal on the four-hour chart Wednesday morning. Note that as long as the SuperTrend moves above VET price, the bearish leg will continue.

Moreover 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.

Note that if VET closes the day below the $0.114 support, the next key level to watch would be the 100 SMA at $0.11 psychological level.

One the flipside, the key level to watch for the day ahead is the $0.122 resistance level where the 50 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 VET breaks out above yesterday’s high at $0.128.

In the meantime, the sideways movement of the Relative Strength Index (RSI) indicator brings forth the possibility of a sideways price action taking root in the near term.

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