VeChain Technical Analysis: VET hits 3-month low, drops below $0.01
The broader cryptocurrency market has been going through a difficult week, with the collective market cap dropping below the $210 billion mark. Major coins are trading in the red with XRP’s lone survival coming to an end early on Wednesday. Moreover, Bitcoin Cash [BCH], which has a hard fork coming up on November 15, stabilized after consecutive sessions of decline. Few coins have been on the decline for months now, a list in which VeChain [VET] features.
VET has not had a significant green patch for three months, not since mid-August when its price had risen to $0.0196. VeChain has been bearish since, with brief gains in late September being the only saving grace. The market cap has almost halved since the start of September, a massive freefall in a relatively stable collective crypto cycle.
The key resistance level of the coin was noted at $0.0137, a level that the crypto last breached at the start of last month. The key support level of the coin was initially observed at $0.0119, after which a new support began to form at $0.0104 due to the rapid devaluation of VET. The MACD shows that the digital asset is going through a very bearish market, a trend that has persisted since the start of September. The 100 EMA line shows that the crypto is in a severe downtrend. The hourly RSI indicator currently stands at 31.26, with the altcoin in danger of slipping to oversold levels. The trading range exhibited by the coin is $0.0091-$0.0095, with the higher extreme below the $0.01 mark – a significant low for the token. At press time, the crypto had dropped 5.4% against the U.S. dollar to trade at $0.009157.
The virtual currency has fallen close to 5% against the premier crypto Bitcoin [BTC] and currently, one VET can purchase 0.00000144 BTC.
Within a period of less than three months, the market cap of VeChain has halved to around $500 million. Less than a week ago, the market cap was comfortably hovering over the $600 million mark and a rapid decline in the past few days has pushed it to its current state. The slip past the $600 million mark began late last week. At press time, the coin’s total market value stood at $507 million, a concerning drop from its value of $1.08 billion in early September. In the last few days, VeChain has fallen below Zcash [ZEC] to the 20th position in terms of market cap. Maker [MKR] and Bitcoin Gold [BTG] are quickly closing in and are less than $10 million away from overtaking the plummeting VET.