• The price of VeChain is currently trading in a tight range  between the levels of $0.00600 and $0.00800.
• The small body candlesticks are the Doji and spinning tops which describe the indecision between the buyers and the sellers.

VET/USD Medium-term Trend: Ranging

• Resistance Levels: $0.0080, $0.0090 ¸ $0.0100
• Support levels: $0.0070, $0.0060, $0.0050

Yesterday, June 10, the price of the VET was in a sideways trend. The 12-day EMA and the 26-day EMA are trending horizontally. When the exponential moving averages are contracting as a single moving average, the candlesticks will be concentrated at a point. The price of VeChain is currently trading in a tight range of between the levels of $0.00600 and $0.008000. This tight range hardly gives traders the opportunity to determine the support and resistance levels.

The small body candlesticks are many compared to a few larger ones on the chart. The small body candlesticks are the Doji and spinning tops which describe the indecision between the buyers and the sellers. From the chart, on May 15 and 31, the bulls tested the upper price range but were resisted. The price fell to the support of the EMAs as the range bound move continues. The price of VeChain is in the oversold region of the daily stochastic but above the 60% range. This indicates that price is in a bullish momentum and a buy signal.

VET/USD Short-term Trend: Ranging

On the 1-hour chart, the VET price was in a sideways trend. The 12-day EMA and the 26-day EMA are sloping horizontally indicating that price is in a sideways trend. The price of VET is above the EMAs which indicates that price is likely to rise.

The crypto’s price is trading at $0.007800 as at the time of writing. The price of VeChain is in the overbought region of the daily stochastic but below 60% range. This indicates that price is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.