VET Crypto Price Forming Lower Low Structure; More Decline Ahead?

• The VET crypto price has declined by 24.2% in the last 30 days.
• The fear and greed index for Vechain crypto is at 63, indicating greed.

VeChainThor is a public blockchain platform for enterprises, individuals, and developers. It uses two tokens, VET and VTHO, to enable transactions, governance, and rewards. It has features such as meta-transactions, a PoA consensus mechanism, and low-cost stability. It was created by Sunny Lu and the VeChain Foundation.

The VeChain crypto’s market cap has declined by 2.6% to $2.031 Billion and its market cap ranking is 42nd as per CoinMarketcap. The trading volume of the crypto has further declined by 3.96% in the last 24 hours. 

The value of the traded volume for the Vechain crypto is $35.032 Billion and the volume/market cap ratio of the crypto is 1.64%. Additionally, it has a circulating supply of 72.714 Billion VET along with a total supply of 85.958 Billion VET.

The fully diluted market cap of the VeChain crypto is $2.394 Billion and its market cap dominance is 0.12%. Additionally, the volatility of the crypto is 7.30%, which is considered high as per CoinCodex.

VeChain Crypto Derivatives Analysis

In the last 24 hours, the VET crypto has witnessed a higher long liquidation of $91.22K which represents the dominance of sellers in the market. Moreover, the short liquidation for the crypto is $498.00.

The derivatives trading volume of the crypto has declined by 11.57% to $28.52M and the open interest has also declined by 6.02%. Additionally, the long/short ratio of the crypto is 0.9294.

VET Crypto Technical Analysis

After advancing to certain highs by following a strong uptrend and forming a higher high structure on the chart, the price of the crypto has started to decline from the higher levels. 

From the swing high of $0.0388, the price of the Vechain crypto has started to decline and it is now forming lower highs and lower lows. The crypto has lost its value by more than 30% from its all-time high. 

VET/USD Chart by TradingView

The indicators are also showing signs of weakness on the 4H chart. 

The 50-day and the 200-day EMAs are forming a death cross and the price of the crypto has also declined below these EMAs.

The MACD indicator is also showing weakness on the chart as the MACD and the signal lines are forming a bearish cross and they are approaching the zero level. Furthermore, bearish histograms are formed on the indicator.

The RSI also declined below the 50-level and the 14-day SMA line from the overbought zone. THis indicates the start of a downtrend in the price and if the RSI continues to sustain below the 50-level, the price of the crypto might decline to even lower levels.

Summary

The VET crypto price has been falling and forming lower lows. The market sentiment is greedy and the indicators are bearish. The crypto has lost most of its value and faces more decline in the days ahead. The price of the VeChain crypto might continue to decline to further lows.

Disclaimer

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.