VET Technical Analysis: Can Buyers Overtake Control of 200-day EMA?

Key technical points:

Past Performance of VET

VET coin price shows a phenomenal bullish engulfing candlestick of 17% gain as the rounding bottom breakout rally. The rally breaks above the 200-day EMA and the $0.082 resistance level. However, the buyers fail to sustain pressure to continue the uptrend resulting in a sharp downfall of 8% with a piercing candlestick.

Source-Tradingview

VET Technical Analysis 

VET coin price showcases a bearish follow-through candle with a 1.10% fall but the lower price rejection with the long-tail formation highlights the bullish fightback. Hence, buyers can shortly sabotage the bearish candle with a sideways trend before continuing the uptrend.

The crucial daily EMAs (50, 100, and 200-days) maintain a bearish alignment as the price trades close to the 200-day EMA. Moreover, the uptrend in the 50-day EMA continues, teasing a potential bullish crossover with the 100-day EMA.

RSI Indicator: The RSI slope tests the 14-day SMA as it fails to sustain in the overbought territory. However, the uptrend might continue if the RSI slope reverses from the average line.

MACD Indicator: The MACD and signal lines defend the broad bullish stretch as they transcend the zero value mark. However, the flattish but diagonal moving fast line reflects the bullish exhaustion.

In a nutshell, the VET technical analysis underlines the increased downtrend possibility with the 200-day EMA fallout.

Upcoming Trend 

The VET coin price must overtake the 200-day EMA for a bullish uptrend continuation. The lower price rejection increases the chances of surpassing the 200-day EMA but the increased selling pressure remains a thorn on the path. The bullish continuation can reach the $0.090 mark if the buying pressure sustains.

Support Levels: $and $0.90

Resistance Levels: $0.075 and $0.070