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VeChain Price Analysis: VET Looking to Drop to $0.079

vechain vet token sell start
VeChain Price Analysis: VET Looking to Drop to $0.079

Jaipur (CoinChapter.com) — From what it appears, bears are about to deal a world of damage to VeChain’s VET token prices. The technical setup looks bearish. And the VET/USDT trading pair might make a trip down south to the $0.079 price level. Let’s see why.

VET Holders Looking To Sell En-Masse?

On the daily chart of VET against USDT, buying volumes are nil. Sell volumes, on the other hand, have stacked up one against the other. Since the crash on May 19, sellers have been more active than buyers. Sensing a further correction in prices, VeChain token holders have lined up to offload their holdings.

Read More: Death Cross Looms Over VeChain (VET) Market; What to Expect?

vechain, VeChain Price Analysis: VET Looking to Drop to $0.079
VET/USDT Daily Chart Shows An Uptick In Selling Activity, Source: VETUSDT on TradingView.com

This trend is expected to pick pace in the near term. This means bulls can either keep holding for the next upside or else join the bear gang.

Correction Below 100D MA With Upcoming Bearish MACD Crossover

Due to the aforementioned proliferation of sell volumes, the VET/USDT trading pair has slid below the crucial 100-days moving average indicator.

vechain, VeChain Price Analysis: VET Looking to Drop to $0.079
VET/USDT Pair Slid Below 100D MA, Source: VETUSDT on TradingView.com

The VeChain token risks testing support near the $0.079 price level (200d MA) shortly. The bearish divergence displayed by the MACD (Moving Average Convergence Divergence) indicator confirms the beginning of a significant selloff.

The RSI (Relative Strength Indicator) value, although bottomed looks weak, and is on the verge of plunging further on the back of rising sell volumes.

Read More: Death Cross Looms Over VeChain (VET) Market; What to Expect?

Fundamental Developments Not Helping Much

On the fundamentals front, the VeChain Thor blockchain was upgraded to version 1.5. But that has not done much to salvage the token from bearish sentiment. In fact, the selloff accelerated on the day of the announcement, i.e., June 7.

Also, a few minutes back, the VeChain team announced the acceptance and publication of its PoA linked AlphaBlock technical paper (prepared with the University of Oxford) by the ACM. ACM is the world’s largest educational and scientific computing society focused on leading-edge publications.

VET prices have remained bearish nonetheless. With the current market sentiment not looking optimistic, it remains to be seen when VeChain’s token will find its bottom.

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Himadri Saha

Himadri is an active investor in cryptocurrencies and upcoming blockchain technology projects. He has been a part of the digital asset space since 2017 and has held multiple positions as Social Media Manager, Assistant Editor, Sponsored Content Manager, Cryptocurrency Journalist roles in reputed news outlets like NewsBTC, Bitcoinist and CryptoPotato. He has also helped numerous blockchain projects gain prominence through terse and succinct marketing/technical content. Himadri comes with a marketing and engineering background, and has worked with reputed names such as GE Healthcare, Volvo Trucks and Polycom before moving into crypto.

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