- Summary:
- VeChain price has bounced off the crucial support zone of $0.1000. In the near term, the cryptocurrency may record curbed gains.
VeChain price remains on a decline while holding steadily above the crucial support level of $0.1000. According to CoinMarketCap, its market cap is down by 7.03%. At the same time, its trading volume is up by 17.41% over the past 24 hours.
In comparison, the global crypto market cap has dropped by 1.67% from the previous session. Bitcoin, the leading crypto has pulled back from the resistance zone of $57,500 while trading steadily above the support level of $55,000. Notably, various altcoins including Ethereum and Ethereum Classic have bounced off Tuesday’s low while holding steady above their crucial support levels.
VeChain price forecast
VET has bounced off Tuesday’s low of 0.1006. Since surging above the psychological level of 0.1000 at the beginning of October, it has been trading steadily above that crucial support level. However, since hitting the month’s high of 0.1233 on Saturday, VeChain price has dropped by about 14.42%.
At the time of writing, the altcoin was down by 3.29% at 0.1057. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, it will likely record curbed gains.
VeChain price will likely hover around 0.1056 in the immediate term. On the upside, it may experience resistance along the 25-day EMA at 0.1091. On the flip side, it may drop to Tuesday’s low of 0.1006 while remaining above the crucial support level of 0.1000.
