Recently, CryptoBusy, a notable account in the crypto analysis community, shone a spotlight on VeChain’s intriguing performance. Their report, replete with an illustrative chart, dissected VeChain’s multi-month resistance, emphasizing its precarious dance along the .618 Fibonacci resistance. As the analysis indicates, any significant movement from this resistance could see the cryptocurrency encountering a pivotal resistance level at 0.1830.
#VeChain $VET Multi-month resistance spotted! 🚨
— CryptoBusy (@CryptoBusy) October 10, 2023
The .618 Fibonacci resistance is currently supporting its price.
However, if it breaks out (wait for confirmation first), there's a key level of resistance at 0.1830, so watch out! pic.twitter.com/nMa36XYCoR
The detailed chart accompanying CryptoBusy’s report underscores the tight boundaries within which VeChain ($VET) has been operating. Since September 2023, this cryptocurrency has been trapped within a horizontal trading range.
Despite several spirited buyer attempts to breach this, they’ve repeatedly been rebuffed. This ongoing consolidation paints a riveting picture of a battleground where buyers and sellers are locked in a relentless tug-of-war. A massive inflow of buyer support is indispensable for VeChain to break free and ascend to a loftier price range.
Diving deeper into VeChain’s metrics reveals a mixed performance bag. While it has seen a 1.00% dip over the past week, per CoinMarketCap, the monthly metrics are slightly more optimistic, with a 7.90% rise. However, zooming out to a six-month perspective dims this optimism, as the cryptocurrency has shed a substantial 33.58%. Yet, hope is not lost. VeChain’s year-to-date growth stands at a modest but promising 4.31%, hinting that a recovery by the end of 2023 might not be a distant dream.
The technical indicators, however, advise caution. With the Relative Strength Index (RSI) parked at 45, it’s tilting towards an oversold spectrum, suggesting potential further price dips. For those vested in VeChain, the wait for a directional shift continues, especially on daily time frame charts.
CoinMarketCap’s latest figures place VeChain at $0.016458, with a 24-hour trading volume touching $24,199,120. A slight 1.57% decline was observed over the previous day. Despite the fluctuations, VeChain maintains its position, ranking 36th with a market capitalization nearing $1.2 billion.
