VeChain (VET) is moving in a downward direction as the general conditions in the crypto market have turned from bullish to bearish. According to CoinMarketCap, as of Saturday, April 18, the VET price has declined by 4.19% over the last 24 hours but remains up by 2.38% over the last week.
At the time of writing, VET is trading at $0.007171, with a trading volume of $24.14 million, which has declined by 11.58% over the last 24 hours. However, its market capitalization stands at $616.61 million, which is also down by 4.17%.
Source: CoinMarketCap
Also Read: VeChain (VET) Descending Channel Pattern Hints at Potential Breakout to $0.16
Furthermore, the crypto analyst World Of Charts highlighted that VET has broken above a long-standing descending trendline, signaling a potential shift in momentum after extended bearish pressure.
This breakout suggests sellers are weakening while buyers are gradually gaining control. However, price action still needs confirmation, as overall market structure has not fully transitioned into a strong bullish trend yet.
Source: World Of Charts’ X Post
The next major hurdle comes in the form of a horizontal resistance area, which has historically acted as an important level before.
A breakout above the horizontal resistance with a large amount of trading volume would likely result in VET being able to rally to the $0.02 target. However, a failure to break the horizontal resistance would probably lead to further consolidation.
According to TradingView, the Relative Strength Index (RSI) is standing at the level of 51. This means that the market conditions are currently neutral, suggesting that there is neither an overbuy nor oversold situation.
Moreover, the current coincidence of the RSI and its corresponding signal suggests that there is no definite momentum in price action.
Source: TradingView
Further, the Moving Average Convergence Divergence (MACD) also reflects this absence of a clear trend direction, with the MACD line moving near the signal line.
Although there is a small bullish signal in terms of the histogram bars, their magnitude is insignificant. In essence, both indicators indicate that the asset is in a consolidation mode without any particular direction.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: VeChain (VET) at a Turning Point: Will $0.0115 Breakout Happen Next?
