- VET Token Price is rising higher following the bullish trend of the overall market in the past 24 hours.
- The token is forming a falling wedge pattern on a daily time frame.
- The pair of VET/BTC is trading at 0.0000111 with a decrease of -0.11% in the market cap of the digital asset.
VET token price after failing to sustain above the long-term demand zone has broken that down and is now trading below it. The token is forming lower low and lower high formation. This has resulted in the formation of a falling wedge reversal pattern. The pattern formation has happened in the short-term demand zone, therefore there is a possibility of reversal. At present, the token is trading below all the vital moving averages(20,50,100).VET token price is showing bullishness from the past 24 hours and it bounced back from the demand zone with a three soldiers candlestick pattern. Currently, the token is trading in the middle of the Bollinger band indicator. The VET token price tried to surpass the upper band of the Bollinger band indicator, but it seems as if the bears are still standing because the token failed to do so. Volumes have increased during the past 2-3 days. Investors should remain cautious until the price settle and shows a one-side trend.
MACD and Supertrend are indecisive on a daily time despite the recent bullishness
VET Token Price, seems to be ready for a big move as the token is hovering around the short-term supply zone.
Moving Average Convergence Divergence (Bullish): MACD indicates a bullish trend on the daily chart as it gave a positive crossover. The buyer’s signal line(blue) crossed the seller’s signal line (orange) on the upside, indicating a possible up move at the long-term supply zone of $0.0265 on the daily chart.
Supertrend: VET token price, despite being bullish for the last 24 hours the super trend indicator suggests the otherwise. The VET token price is yet to give a breakout of the super trend sell line and therefore investors should wait until the price breaks the $0.0260 price level.
VET Token Price has broken off the long-term demand zone on a weekly chart
VET Token Price was downtrend over the last month and was resting at a long-term demand zone at $0.110 – $0.10 on a weekly time frame. As per the price action, the token formed a double top pattern and finally broke the neckline, which resulted in a massive bearish rally.
Relative Strength Index: RSI has fallen massively following the bearish rally. At present, the RSI curve is at 34.67 and is still dipping downwards. For VET token price to turn bullish the RSI needs to surpass the halfway mark of 50. Until then there seems no hope for any bullish momentum.
Average Directional Movement Index: ADX dipped below 20 over the past trading month, but as of now, due to the bearish rally that followed in the overall market. At present, the ADx curve has turned upwards suggesting a possible change in trend, but for that, the price should give a breakout of reversal pattern on a daily time frame.
CONCLUSION:
VET token price, as the price action suggests is in a strong bearish trajectory. Recent bullishness in the overall market has not changed the trend, as the technical parameters show the same. It remains to see if it breaks out of the falling wedge pattern or faces rejection and continues the bearish trend.
SUPPORT: $0.020 and $0.023
RESISTANCE: $0.02650 and $0.02600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not abolish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.