Based

VeChain

Future

<a href="https://bitcoinist.com/vechain-lands-100-million-deal-with-ufc/" target="_blank" rel="noopener ">VeChain</a> (VET), a leading blockchain platform known for its supply chain and logistics solutions, has recently experienced a significant price movement. The cryptocurrency has broken below the critical support level of $0.03289, a development that signals the persistence of its ongoing downtrend. 
This breaking of support is a bearish sign, indicating that there is still a lot of selling pressure and that more<a href="https://www.newsbtc.com/news/vechain-at-risk-of-further-losses-vet-price-drops-30-in-downtrend/" target="_blank" rel="noopener nofollow"> drops</a> could be on the horizon. A number of causes, including general market conditions and particular difficulties facing the VeChain ecosystem, have contributed to the price decline of VET. 
Currently, the price of VET is down by -0,61%, trading at about $0.03266, with a market capitalization of over $2.3 billion and a trading volume of over $88 million as of the time of writing. Although its market capitalization is down by 9.28%, its trading volume is up by 36.06% in the past day. 
In this article, we are going to dive into what could be VET’s next price destination with the help of indicators. 
<h2 id="strong-vet-price-analysis-using-the-100-day-sma-and-rsi-indicator-strong">VET Price Analysis Using The 100-Day SMA And RSI Indicator</h2> 
The price of VET is currently trading below the 100-day Simple Moving Average (SMA) on the 4-hour chart, following a steep decline that saw it breach the $0.03289 support level. This break of this key level might signal a further decline in prices. 
<img loading="lazy" decoding="async" class="size-medium wp-image-304505 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=640&amp;resize=640%2C372" alt="VET" width="640" height="372" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=1439 1439w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=640&amp;resize=640%2C372 640w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.34-AM-1.jpeg?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Also, given that the Relative Strength Index (RSI) line is trending below 50% after making a sharp drop below it, the RSI indicator indicates that the crypto asset might continue in its bearish direction. 
An observation of the chart from the daily time frame reveals that <a href="https://bitcoinist.com/vechain-vet-lido-dao-ldo-and-bitgert-brise-basing-on-what-cause-the-price-of-these-cryptocurrencies-to-skyrocket/" target="_blank" rel="noopener ">VET</a> is currently bearish and might continue to be bearish based on the drop in price on the previous day. In addition, the asset’s price is also trading below 1-Day SMA. 
<img loading="lazy" decoding="async" class="size-medium wp-image-304504 aligncenter" src="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=640&amp;resize=640%2C372" alt="VET" width="640" height="372" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=1439 1439w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=640&amp;resize=640%2C372 640w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-08-at-9.23.33-AM.jpeg?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Lastly, the 1-Day RSI also confirms that the coin might continue in its bearish direction as the RSI line is trending below 50% making a move toward the oversold zone. 
<h2 id="strong-prospects-for-vechain-s-future-strong">Prospects For VeChain’s Future</h2> 
Based on price analysis and what the RSI indicator is suggesting, if the price of VeChain continues to decline, it might trigger a move toward the $0.03267 support level. If it breaks this level, it may even decline further to test the $0.01820 support level. 
On the other hand, VeChain’s price will start to head toward the $0.03802 resistance level if it decides to move higher at this point. It will advance further to challenge the $0.04303 resistance level if this level is broken. Furthermore, should it break past this level, its price can increase even further to reach new heights. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/oGGXXnmp/" alt="VET" width="2283" height="1265">

VET Breaks Key Support Below $0.032 – Bearish Trend Imminent?

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