Cryptocurrency VeChain (VET), which has fallen 22,24% in the last 24 hours following a fall in Bitcoin, has already shown an hourly rebound of 7,8%. However, some cryptocurrencies are trying to rebound more strongly, and VeChain , rather, is among the laggards.
In the last weeks VeChain traded sideways, forming a range between support at $0,032 and resistance at $0,055. However, now token is in a cooling phase after a major rally in November.
The next level to watch for is VeChain , — its monthly low of $0,02723, which it is currently approaching. The 14-day RSI at 30% indicates that VeChain may be in an oversold condition.
Data: CoinMarketCap
Along with the bearish trend, activity in the mainnet VeChain set a new record this month, indicating growing usage of the platform.
In addition, the updated protocol is being finalized. VeChain Renaissance, which aims to improve interactions through the VeWorld super app. All this gives hope for future growth of VET, especially considering the recovery of the Bitcoin price above $99,000.
