- In the last month alone, VET has seen an increase of 117%, indicating a parabolic momentum.
- VET is currently consolidating in a no-trade zone, and an increase in sell-off would push the token downside below the 0.21 cent range.
VET token has been on a wild journey since April began, and the price falls on Sunday did not impact the standing of the token. As of April 15, VET has recorded its ATH at $0.27, followed by tight consolidation resulting in the formation of a bull flag on a smaller time frame. The daily chart shows that the price action has been confined in the Elliot Wave pattern. It is expected that the price of this asset will have a strong pullback on account of a massive sell-off allowing investors to buy VET at a discount. We should keep our support at $0.14 in alignment with the horizontal line support, which has already been tested before. The price of VET must stay above $0.12, being the substantial previous resistance level.
Price action insinuating the formation of an another bull flag
On diving deep into the 2-hour time frame, the price action of VET has formed a symmetrical triangle pattern, and we can expect a breakout any moment tomorrow. Inside the symmetrical triangle pattern, the token has been creating bull flags which are responsible for the higher lows. It is anticipated that the formation of another bull flag followed by a breakdown might be the correction we are waiting for.
The price of VET is hovering above key EMA levels, out of which a pullback would result in the exposure of the 50 EMA(green) at $0.20. The candles are sitting right on top of the 20 EMA(yellow), which could test as resistance again.
The RSI has been acting pretty stable in the range of 50, and a pullback would lead the RSI to step its foot in the oversold territory. As of now, the oscillator has given no signals of possible bearish divergence.
MACD on the lower time frame is extremely close from travelling above the signal line, hinting short term bullishness.
CONCLUSION: VeChain has been one of those digital assets that maintain a stable momentum despite the considerable demand it faces. With so much utility, this coin has the potential to help its investors bag huge returns. Considering the present market conditions are, it can be possible for VET to hit $0.70 to $1 by the end of 2021.
SUPPORT : $0.20, $0.16 and $0.14
RESISTANCE : $0.27, $0.25 and $0.12