VeChain (VET), a prominent blockchain platform recognized for its expertise in supply chain and logistics solutions, has recently encountered a notable price shift. The digital currency has breached the crucial support level of $0.03289, indicating a continuation of its downward trend.

This breach of support signals bearish sentiment, suggesting ongoing selling pressure and the potential for further declines. Various factors, including broader market conditions and specific challenges within the VeChain ecosystem, have contributed to VET's price downturn.

As of the time of writing, VET is down by -0.61%, trading around $0.03266, with a market capitalization exceeding $2.3 billion and a trading volume surpassing $88 million. Despite a decrease in market capitalization by 9.28%, trading volume has risen by 36.06% over the past day.

In this analysis, we'll explore potential price movements for VET with the assistance of indicators.

VET Price Analysis Using the 100-Day SMA and RSI Indicator

On the 4-hour chart, VET is currently trading below the 100-day Simple Moving Average (SMA) after a sharp decline below the $0.03289 support level, suggesting a possible further decline.

Additionally, the Relative Strength Index (RSI) line has dipped below 50% after a significant drop, indicating a continuation of the bearish trend.

Observing the daily timeframe chart, VET appears bearish and may remain so based on the previous day's price drop. Moreover, the asset's price is trading below the 1-Day SMA.

Finally, the 1-Day RSI further suggests a potential continuation of the bearish trend as the RSI line trends below 50%, approaching the oversold zone.

Prospects for VeChain's Future

Considering the price analysis and indications from the RSI indicator, if VET continues to decline, it might target the $0.03267 support level. A further breakdown could lead to a test of the $0.01820 support level.

Conversely, if VET decides to move higher, it could aim for the $0.03802 resistance level, with further advancement potentially challenging the $0.04303 resistance level. Breaking past this level could propel its price to new highs.