VET Technical Analysis: VET price stuck in a Do-Or-Die situation

Key technical points:

Past Performance of VET

Under the influence of bullish RSI divergence, the VET coin price renounced from the $0.44 bottom support. The rising bullish momentum bolstered buyers for a bullish breakout from the descending triangle pattern on March 16th. The sustained buying doubled the altcoin value in the latter days. During the recovery rally, the buyer breached two significant resistance at $0.555, followed by $0.7.

Source-Tradingview

VET Technical Analysis 

The bullish rally reached the $0.894 mark on March 31st, its highest level in almost three months. Furthermore, the coin chart showcased a minor retracement to retest the breached resistance ($0.7). However, the retest extended beyond expectation and gave a candle closing below $0.7 on April 7th. 

The VET price is struggling to sustain below the $0.7 mark, validating if the fakeout is real or not.

Yesterday’s green candle pushed the VET price above the 20-and-100 EMA lines, which are now preventing coin holders from a bull trap. However, the 200-day EMA remains a troublesome barrier for buyers.

RSI Indicator: The RSI slope displayed a significant dip concerning the minor pullback in price action. However, the indicator value sustaining above the neutral line(50) maintains a bullish bias.

In a nutshell, the VET technical analysis shows the coin price teases fake-out from the $0.7 mark, teasing further correction in price.

Upcoming Trend 

As mentioned, the violated market has resulted in daily candle closing above the $0.7 mark, indicating the buyers are not ready to throw in the towel. Therefore, crypto traders need to be patient today and observe which side of the coin shows its sustainability.

Support Levels: $0.07 and $0.062

Resistance Levels: $0.88 and $0.1