The 24H VET chart forms a death cross, signaling a short-term bear market

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The 24H VET chart forms a death cross, signaling a short-term bear market

  • VeChain (VET) is down 1.60% in the past 24 hours according to crypto market tracker CoinMarketCap.
  • The price movement of VET has not deviated from the weekly price movement of the coin as the 7-day percentage change of VET is around 14.67%.
  • A death cross has formed on both the daily and weekly chart according to TradingView.

VeChain (VET) is down 1.60% in the past 24 hours according to crypto market tracker CoinMarketCap. This brings the price down to $0.05107.

The price movement of VET in the last 24 hours has not deviated from the weekly price movement of the coin, as the 7-day percentage change of VET is around 14.67% . VET is currently ranked 37th in CoinMarketCap’s list by market cap, with its total market cap standing at $3,284,342,033.

VET briefly breaks out of Death Cross on the daily chart (Source: TradingView)

As seen in the TradingView snapshot above, the 50 exponential moving average (EMA) broke through the shorter 15 exponential moving average (EMA) around the 22nd of this month to form a death cross.

This signals that the current VET outlook has turned bearish when analyzing the VET daily chart.

Death Cross formed for VET earlier in the year (Source: TradingView)

The weekly chart also shows a bearish death cross occurring much earlier in the year around January 22, 2022. VET attempted to break out of its short-term downtrend between March 27, 2022 and April 19, 2022 according to the TradingView daily chart. However, it fell back into a bearish state after April 19, 2022.

Relative Strength Index (RSI) 14 shows that VET is currently oversold when approaching 30. However, it is common for a coin to be oversold for long periods during a bear market. The odds are against VET at the moment, as he not only needs to overcome a death cross on the daily chart, but also on the weekly chart.

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