- The VET coin price is trading near the demand zone on a daily title frame, after failing to surpass an important supply zone
- The VET coin price is forming a falling wedge pattern on a daily tire frame.
- The pair of VET /BFC is trading at the price level of 0.000020116 with an increase of 0.23% in the past 24 hours.
On a Daily time frame, the VET coin price is trading in the demand zone after strongly falling off an crucial supply zone. As it formed a bearish candlestick pattern, the coin price fell off the supply zone with strong bearish pressure.
VET coin price is forming a lower low and lower high price formation on a daily time frame. On a smaller time scale, the coin price is forming higher highs and higher lows. Despite the global market’s bearishness, the coin price has managed to bounce off the demand zone. For the past 72 hours, the VET coin price has been rising.
VET coin price is currently trading below the 50 and 100 MAs.As the coin price rises, it will come into contact with strong bearish pressure from the supply zone. The coin’s price fell below the 50 and 100 MAs due to bearish sentiment. The coin price is currently trading in the upper Bollinger band of the indicator. Volatility has increased as a result of increased volume, so investors should remain cautious and wait for a clear trend.
The VET coin price is forming a falling wedge pattern on a daily time frame
Average Directional Movement Index: ADX curve has been in a downtrend as the coin price entered a consolidation phase. Recently, the ADX curve slipped below the mark of 30. As of now, the ADX curve trades at 24.42. Once the coin price crosses the important short-term supply zone, the ADX curve can also be seen dipping out of the 20-mark zone, supporting the trend. The ADX curve has turned sideways indicating a halt in the price movement and a possible change in the price structure in a lower time frame.
Relative Strength Index: RSI curve is trading at the level of 35.20. As of now, the RSI curve is yet to cross the halfway mark of 50. Once the VET coin price crosses the supply zone, the RSI curve can be seen rising higher. The RSI curve has also crossed the 20 EMA. Despite the consolidation phase, the RSI curve is rising indicating bullish momentum to foray.
Supertrend: The VET coin price is forming a falling wedge pattern as it forms a lower high and lower low price structure. The recent breakdown in the price of VET coin price led to the breakdown of the super trend buy line which was acting as a strong demand area. The breakdown has resulted in the formation of a super-trend sell line. Moving upwards the coin price can be seen facing strong resistance from the super trend sell line.
Conclusion: The VET coin price has managed to sustain above the demand zone. As per price action, the coin price is forming a reversal chart pattern. The technical parameters are also bearish indicating beariish momentum to foray into the upcoming trading days. Investors should remain cautious and wait for a proper breakout and then act accordingly.
Support: $0.018 and $0.017
Resistance: $0.022 and $0.029