VeChain (VET) is currently experiencing a bearish movement, affecting its price and market sentiment. Insights on indicators and capitalization provide a clearer picture of the asset's current status.
Bearish Breakdown from Symmetrical Triangle
VeChain (VET) has recently broken below a symmetrical triangle support on the daily chart, signaling a bearish shift supported by rising selling volume. The previously established triangle, indicating a consolidation phase, has now been invalidated. Current price action suggests continued downside with support zones identified between $0.022 and $0.020.
Market Indicators Show Weak Momentum
On the 4-hour VET chart, VeChain remains range-bound between $0.0230 and $0.0265, with price continuing to post lower highs. The MACD histogram remains flat near the zero line, signaling weak momentum and indecision. The RSI stands at 38.33, indicating persistent bearish pressure. Unless there is a strong uptick in volume, price is expected to drift lower.
Market Capitalization Trends Reflect Selling Pressure
Between August 29 and September 4, VeChain's market value dropped from $2.18 billion to about $2.00 billion. This steady decline mirrors overall market uncertainty. Attempts to recover above $2.06 billion were met with selling pressure, maintaining the market cap near $2.00 billion.
The current situation in the VeChain (VET) market indicates high risks for investors. The bearish movement and weak indicators underscore the need for a cautious trading approach.
