VET Technical Analysis: New Support Trendline Teases $0.033 Breakout 

Key technical points:

Past Performance of VET

With the sell-off driving the VET market value by 60% in April and May resulting in a sharp fall to the $0.026 from the heights of $0.085 in the daily chart. The downfall cracks under all the crucial EMAs and finally shows a recovery rally coming into action. As the recovery rally forms a higher low formation an ascending triangle takes shape with the help of a new support trendline in place.

Source- Tradingview

VET Technical Analysis

The VET price grows by 25% in the last four months within the ascending triangle pattern and teases the bullish breakout possibility with a new bullish engulfing candlestick. Moreover, the growing buying pressure evident by the surge in trading volume support the price jump increases the breakout possibility. The three crucial daily EMAs 50, 100, and 200-days remain in a bearish trend after the downfall and take a roke of providing resistance.  However, the MACD and signal lines display an uptrend after avoiding bearish crossover possibilities with the bullish momentum growing in the MACD histograms.

Additionally, the RSI indicator displays a spike in the sideways trend within the nearly oversold zone preparing for a launch above the halfway line. Therefore, the technical indicators display growth in buying pressure. In short, VET technical analysis highlights the possibility of an ascending triangle breakout.

Upcoming Trend

If the buying pressure continues to grow overnight, the VET price will surpass the ceiling resistance at $0.033 resulting in a bullish rally to the next resistance at $0.040. However, the fallout of the support trendline will lead to a price fall to $0.026.

Resistance Levels: $0.033 and $0.040

Support Levels: $0.026 and $0.020