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Vikram
Jul 23, 2022
by Vikram

VET Technical Analysis: Will Buyers Fail At $0.026 Crossroads?

VET Technical Analysis

Table of contents

  1. VET Technical Analysis
  2. Upcoming Trend
According to this VeChain technical analysis, VET price shows a bullish attempt struggling to break above the $0.026 mark. Should you keep hoping for a bullish breakout?

Key Technical Points:

  • The VET prices dropped by 1.91% in the last 24 hours.

  • The market value of VeChain sustains above the 50-day SMA.

  • The 24-hour trading volume of VeChain is $98.04 Million, indicating a drop of 11%.

    • Past Performance of VET

    In our last article, VET prices were breaking over the 50-day SMA and keeping the momentum of the breakout rally. However, the rally fails to surpass the $0.025 resistance level, resulting in a dip to the 50-day SMA. The daily trading volume drops during the bearish retracement displaying a potential reversal to reattempt the bullish breakout.

    TradingView Chart

    Source - Tradingview

    VET Technical Analysis

    VET price action reveals an uptrend that is lacking to go beyond the $0.026 mark due to long-wick candle formation. However, the constant support from the 50-day SMA keeps the bullish hope alive.

    The RSI indicator shows the underlying bullishness sustaining the bearish attack evident by the sideways trend above the halfway line. Additionally, the MACD indicator shows the fast and slow lines, supporting an upwards trend despite a declining tendency in bullish histograms. So, technical indicators maintain an optimistic outlook despite the higher price rejection candles.

    In a nutshell, the VET technical analysis suggests the traders wait for the price action confirmation before hitchhiking the bullish trend expectation.

    Upcoming Trend

    The expected uptrend developing for the VET prices suggests that the price could rise more and reach at least 100-day SMA, which is at $0.033. However, bulls' inability to break above the $0.026 mark could lead to dropping to the lowest level of support, the $0.021 mark.

    Resistance Levels: $0.026 and $0.033

    Support Levels: $0.025and $0.021

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    VET Technical Analysis: Will Buyers Fail At $0.026 Crossroads?
    Vikram
    Vikram is a technical analyst with several years of experience in the crypto market & Indian Equity and F&O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

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