VET Technical Analysis: Retest Reversal Soon To Challenge 50-day SMA
Table of contents
Key Technical Points:
Past Performance of VET
The VET prices showcase a bullish failure to surpass the $0.025 level resulting in a retracement to the broken trendline as a retest of the falling wedge breakout. The retracement Rally takes a bullish turnaround from the $0.021 support level, accounting for an 11% jump in the last three days. The V-shaped reversal from the broken trendline has a neckline at the $0.025 mark.
Source - Tradingview
VET Technical Analysis
The VET price chart shows an increase in trading volume, supporting the reversal rally but retraces worth the Doji formation yesterday. Hence an increase in the intraday trading volume is a must for a prolonged uptrend above the $0.025 mark.
The MACD indicator shows an increase in buying pressure as the positive histograms intensify with the fast and slow lines avoiding a bearish crossover. Hence the technical indicator shows a bullish bias and expects the prices to reach the 50-day SMA.
The RSI indicator shows a sharp reversal in the nearly oversold region, surpassing the 14 days average line. However, the slope is yet to exceed the halfway line, which it has failed to do so since May 2022
In a nutshell, VET technical analysis showcases an overall bullish bias as the reversal trend gains momentum.
Upcoming Trend
If the reversal rally continues to gain trend momentum, traders can expect the prices to surpass the 50-day SMA. Taking a numerical approach, the price jump will account for a 15% jump to the $0.026 level.
Resistance Levels: $0.026 and $0.030
Support Levels: $0.021 and $0.020