VET Technical Analysis: A Reversible Pattern Is Formed
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The main target of buyers to complete the formation of the reversal pattern in the VET market is to keep the range of $0.055. By implementing this plan on a weekly timeframe, market participants will receive a concrete signal of the weakness of sellers and the readiness of the price for a rapid growth wave. The first global target of such a growth wave is $0.124. This mark will show how buyers are ready to break the global downward trend from April 2021.
While this mark is under the control of sellers, it is too early to talk about updating the historical high and a new raid of buyers. However, the price growth from $0.055 to $0.124 is a pretty good medium-term trade in the current realities of the cryptocurrency market.
Technical Analysis Of VET On The Daily Timeframe
Analyzing the movement of VET prices on the daily timeframe, we can conclude. that the fall wave of 31 March is still unfinished. The daily candle of 11 April closed almost without a pin. At the same time, trading volumes were low. This fact indicates the unwillingness of buyers to confidently keep the price in this range. In addition, the local attack of buyers from 12 April looks quite weak, both in terms of growth and trading volume.
Therefore, we expect the VET price to continue to fall to the liquidity level of $0.055. During the test of this mark, we expect to see an increase in trading volumes and aggressive counterattacks by buyers on small timeframes. These facts will signal the completion of the local fall wave and the preparation of buyers for a new growth wave with the first local target of $0.08. It is at this point that we would record the portion of the return on VET investment purchased at $0.055. We mentioned the final target above - $0.124.
VETBTC Price Inspires Thoughts Of Breaking The Downward Trend
The weekly timeframe of the VETBTC price movement looks quite appetizing for investment. Yes, buyers failed to break the global trend zero, which keeps the VET price from April 2021. Yes, the price stopped at the critical level of 0.00000188 and buyers could not break it. But, after testing the level of such importance, the active phase of the counterattack usually begins. In this case, in the weekly timeframe, we see that buyers are absorbing all attempts by sellers to lower the price of VETBTC.
The weekly candle has every chance to close above the opening price and form a pin down. This closing of the week will give a sure signal to buyers to conduct pressure at the level of 0.00000188. Thus, if the Bitcoin price is successfully kept at $38,000, we expect the VET market to continue to grow.