VET Technical Analysis: Investors Should Consider Selling at $0.175
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Not young by the standards of the cryptocurrency market, but the rather hot VeChain project continues to give hope to its investors. The growth trend of VET, which showed 11,000% from March 2020, began its correction in May. The correction turned out to be quite deep but did not destroy the initiative of buyers to continue the trend.
After correcting the growth wave from March 2020 by 78.6%, the price began to ram the local bottom in the range of $0.056-$0.065. Three unsuccessful attempts by sellers to take control of this range ended in buyers’ counter-attack, which continues to this day.
Given the trading volumes with which buyers began a local growth trend in late July, we cannot say with confidence that the correction in the VET market is over. Also on the chart, it is visible that now the price approached a critical mark of $0,1435. After keeping this mark at the end of May, sellers launched a new attempt to break the $0.056-$0.065 range. Therefore, it is after taking control of the $0.1435 mark that buyers will win a strategic victory. Also, they will be able to confidently continue their growth trend.
Technical Analysis of VET on a Daily Timeframe
In the daily timeframe, buyers' struggle for the mark of $0.1435 looks successful.
Successful maintenance of the $0.11 level gave buyers support for organizing local consolidation. In this consolidation, which can take the form of a triangle, buyers accumulate volumes to break the mark of $0.1435. In this case, the next local target of buyers is at $0.175. At this point, buyers actively kept the price in April, when trading volumes were much higher. Therefore, this mark will be a good sell-off zone for buyers who have kept VET during the current growth wave.
An alternative VET price scenario will take effect after losing control of the $0.1435 mark. In this case, we should expect the price to fall to $0.085.
Probability of Continued Growth of VeChain
The price of VETBTC hints at continued market growth.
Analyzing the VETBTC chart on the daily timeframe, we see that buyers managed to keep the importance for continued growth mark of 0.000000262. This fact completely frees the hands of buyers to continue to grow in the range of 0.000000337. Given the positive dynamics of the BTC movement and the growth prospects of VETBTC, the probability of continued growth of VETUSDT to $0.175 is quite high. At the moment, this is our main scenario.