- VET coin show a death crossover of the 50 and 200-day EMA
- The VET/BTC pair was trading at 0.000002109 BTC with a gain of 8.63%
- The current price of the VET coin stands at $0.0665, with an intraday gain of 016.37%
On Tuesday, the VET coin gave a candle close below the $0.6 support, luring several new sellers in the coin, thinking it was the breakdown of the descending triangle pattern. However, all those hopes got crushed today, when the price rose 16% with a bullish engulfing candle pattern, pushing the price back above the $0.6 level. Nonetheless, the price is still in a tight spot with the resistance trendline just above its head, and therefore traders should have to wait for a proper breakout from either of the levels before they take entry into the market.
Concerning the EMA’s, the VET coin is trading below the critical EMA’s 20, 50, 100, and 200 indicating a solid bearish trend formation. In addition, the chart also shows the 50-200 EMA death crossover, attracting more sellers in the coin market. As for the 20 EMA, it is providing excellent dynamic resistance to the VET coin.
The RSI ( BEARISH) current value is 40, indicating a strong bearish sentiment in the market. However, the RSI shows a substantial rise in its value, just one strong bullish candle, suggesting more strength in the bull side of the coin market.
VET Coin Shows A Breakout From The Descending Triangle Pattern
The VET coin shows a breakout from the descending trendline in the 4hr time frame. Hence, this could provide VET traders’ early indication if the price will start its new rally from this breakout. However, the investors looking for better confirmation can wait for the price to give a candle closing above the $0.07 mark before entering the market.
The MACD indicator (BEARISH) shows a bearish sentiment in the price as both lines have moved below the neutral zone(0.00). However, the indicators show a bullish crossover of the two lines, projecting a buy signal.
Conclusion: From the technical perspective, the breakout from the descending triangle is a huge deal for market participants. If. the price manages to sustain above the trendline, it could bring a box of new opportunities for investors interested in the VET coin.