- VET coin chart indicates the 20- and 50-day EMAs are on the verge of a bearish crossover.
- The VET/BTC pair was trading at 0.000002102 BTC with a loss of 4.07%2
- The 24hr volume for the VET coin is $373.9 Million, indicating a 28.6% loss
After bouncing from the 0.08 support, it showed an impressive recovery in its chart by forming a double bottom pattern. The coin price was able to break out the $0.108 neckline on October 2; however, it struggled a lot to sustain above this level, displayed by multiple Doji-type candles over the last week.
Concerning the EMA’s, the VET coin price is trading below the crucial EMA’s of 20, 50, 100, and 200, indicating a bullish trend. In addition, the chart also shows the 20 and 50 EMA could soon offer a bullish crossover, luring more buying pressure in this coin.
The RSI (BULLISH) current value is 57, indicating a strong recovery in its value concerning the coin’s price action.
The VET Coin In The 4hr Time Frame Chart
As mentioned above, over the last week, the VET coin price was wavering above the $1.08 level, trying to obtain proper support from this level. This fluctuation had created a narrow range in its chart. On October 9, the price breached the overhead resistance of this short-range, indicating the continuation of the rally.
The moving average convergence/divergence indicator (BEARISH) shows both the MACD signal lines moving above the neutral zone (0.00), indicating the bullish sentiment in the VET coin.
The super trend indicator shows a bullish trend in this lower time frame chart.
Conclusion: From the technical perspective, the short-term trend for the VET coin is still bearish. However, the chart has shown some strong positive outlook for this coin, encouraging the bulls to start a new rally. However, until a proper trend is not identified, these traders can look for sniper trades in this coin.