VET Technical Analysis: Will Range Breakout Reach The $0.035 Mark?

Key Technical Points:

Past Performance of VET

As mentioned in our previous article, the VET prices break above the 50-day SMA and maintain the breakout rally momentum. The rally exceeds the $0.025 resistance level resulting in the bullish breakout of the consolidation range with a growth of 30% last week. Additionally, the intraday trading volume spikes positively, supporting the bullish breakout rally.

Source - Tradingview

VET Technical Analysis

VET price action shows an uptrend continuation above the $0.026 mark with an increase in buying pressure. Moreover, the price sustaining above the 50-day SMA teases a jump to the 100-day SMA.

The RSI indicator displays a steady uptrend from the oversold region and surpasses the halfway line by taking support at the 14-day SMA. Therefore, the indicator assures a bullish trend continuation.

Furthermore, the MACD indicator displays both the slow and fast lines sustaining an upward trend above the zero line, while bullish histograms come back. Additionally, the growing spread between the lines indicates that the uptrend is likely to continue. Thus, technical indicators can maintain an optimistic outlook for the coming trend.

In a nutshell, the VET technical analysis shows positive signs of support for the current trend and raises the possibility of prices reaching the $0.035 mark.

Upcoming Trend

The expected trend of VET prices has positive vibes, indicating the possibility of price gaining more to hit at least the 100-day SMA at $0.035.

However, the failure of bulls to break above the $0.030 mark will lead to falling to the lowest support level near about the $0.025 mark.

Resistance Levels: $0.030 and $0.035

Support Levels: $0.026 and $0.020