VeChain (VET) Loses Stability; Shows No Sign of Recovery

• VeChain has recently traded below the key support level of $0.00593; support levels are still shifting downwards
• The bearish trendline has been halted; however, the uptrend seems quite far
• Technical indicators are bearish while the coin battles with the sluggish trend
• The VET coin is carrying a selling pressure

VeChain price continues to trade downwards while breaching major support levels. The coin’s sluggish trend is resonating with the overall market pressure that has brought even Bitcoin price pretty much below $8000. A lasting price rally is a must for the coin to gain traction.

VET coin opened yesterday at $0.0069, and it struck a price rise above $0.0075. Here, the coin has formed a high spike and then corrected down to $0.0067. The coin has traced a lower high at $0.0073 before again declining to $0.0067. After facing a rejection above $0.00731 on the next day, VeChain took a downward price path while forming a bearish trendline.

The coin found an initial support level at $0.0059, which has been breached recently. At 05:28:08 UTC today, VET price is trading at $0.00585.

All the technical indicators for VeChain are giving a negative sign, while Bollinger bands are set to enter a volatile phase. The long-term SMA line is above the short-term SMA line showing bearish momentum. RSI is heading towards 30, noting an oversold phase while MACD is also in the bearish zone (below the zero-line).

VeChain cryptocurrency may face resistance at 0.00629, $0.00654, and $0.00666 if it manages to initiate an uptrend while the support levels are at $0.00592, $0.00580 and $0.00555.