VET Technical Analysis: Buyers Regain Power In The Market
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However, in mid-January, sellers managed to push the price below this mark. What happened as a result? Stop orders from buyers did not give impulse to continue the fall wave. The intensity of sellers' pressure decreased. Using low volumes, buyers have begun to reverse the market and so far they are doing well. Based on these facts, we can conclude about the total weakness of sellers and insecurity of buyers. This is why we have low volatility in the potentially attractive price range of $0.055. To change the situation and start the active phase of VET growth, buyers need to test the mark of $0.08. By testing this liquidity range and then keeping the $0.055 mark, buyers will finally prove the absence of a large seller and readiness for a new growth wave with the first target of $0.13.
Technical Analysis Of VET On The Daily Timeframe
Analyzing the VET price movement in the daily timeframe, you can see the change in market sentiment. Starting from 28 February, buyers began to actively buy VET. Perhaps the VET price is not growing so aggressively, but stable average trading volumes indicate a set of positions for a new growth wave. If on the weekly timeframe we define the range of $0.055 as the main one, then on the daily timeframe we would like to specify the liquidity zone more. In the range of $0.044-$0.045, buyers become the most aggressive in terms of VET redemption. This can be seen in both January and February, when sellers tried to continue the downward trend.
Of course, in a larger timeframe, the zone of accumulation of global position is much larger. But, the range of $0.044-$0.045 can be called the lower limit of the purchasing zone of buyers. Therefore, a loss in the range of $0.044-$0.045 will mean the capitulation of buyers and the continuation of the fall wave with the next target of $0.03. Currently, a breakout range of $0.044-$0.045 down is an alternative scenario. The main scenario is the continuation of the VET price growth with the first target of 0.068. From this mark, we will expect a local correction and continued growth to the main target of $0.08.
The VETBTC Price Has Reached A Critical Range
About a month and a half ago, the VETBTC price began to slow down the downward trend. Of course, slowing down does not mean completion. However, this signal indicates certain problems with sellers. In the weekly timeframe, we see that the VETBTC price has approached an important level of 0.000000100. This level has repeatedly played a reversible role. Therefore, at the moment the worst-case scenario is a fall of the VETBTC price by another 15-20%. After that, the rebound of the price to the mark of 0.000000185 is inevitable. But, the scenario of falling by 15-20% is not the main one for us. We expect the beginning of a new growth wave from the current prices.