VeChain (VET), known for its supply chain solutions, has seen a significant price drop. It has broken below the $0.032 support level, indicating a persistent downtrend.
Factors Contributing to the Price Decline
- General market conditions
- Challenges within the VeChain ecosystem
Current Price and Market Data
- Price: $0.03266
- Market capitalization: $2.3 billion
- Trading volume: $88 million
Technical Analysis
100-Day SMA and RSI Indicator
- VET is trading below the 100-day SMA.
- The RSI indicator suggests a bearish trend.
Daily Time Frame
- VET is bearish and may continue to decline.
- It is trading below the 1-Day SMA.
- The 1-Day RSI also indicates a bearish trend.
Future Prospects
Bearish Scenario
- If VET continues to decline, it could reach the $0.03267 support level.
- Further decline could lead to a test of the $0.01820 support level.
Bullish Scenario
- If VET moves higher, it could reach the $0.03802 resistance level.
- A break above this level could lead to a further rise to $0.04303.
