VET Price Retraces, But Sellers Should Short At These Levels

The price momentum of VeChain (VET) registered a halt over the last 24 hours after the altcoin started to trade laterally. In the same time frame, the coin dipped 0.9%, which is minor meaning that VeChain was in consolidation.

The coin had picked up bullish momentum at the beginning of this year, but the bears could not sustain the price above the $0.021 mark. The technical outlook of VeChain still points towards bullishness. The altcoin was overvalued at the time of writing, which emphasizes that a price correction is on the way.

A price correction also presents a shorting opportunity for traders. The accumulation on the chart also noted a downtick, but despite the downtick, demand for VET was substantial. However, VET will soon lose its current price level if buyers continue to lose interest.

At the moment, VeChain has secured the $0.019 price level as its current support mark. Moving below the price above the mark will make VeChain come under the influence of bears again. The VET price is 92% lower than its all-time high secured in 2021.

VET Price Analysis: One-Day Chart

VET

VeChain was trading at $0.0207 at the time of writing. The altcoin was trading within an upward parallel channel, which showed bullishness. However, VET traded outside the parallel chain over the past trading sessions.

As the coin moved outside of the parallel chain, the bulls failed to cross the $0.0212 price level, which acts as the current resistance price level for the coin. Local support for the coin stood at $0.020, and as VeChain depicted a correction, it is expected to fall below the $0.0193 level.

Both the $0.020 and the $0.0193 price levels can act as shorting levels for the coin. The amount of VeChain traded in the last session declined, which meant a slight fall in demand.

Technical Analysis

VET

The altcoin was overvalued on the daily chart, and although demand for the coin registered a fall, the bulls were still hovering in the market. The Relative Strength Index was a few points below 80, indicating that the coin was under the influence of buyers.

With a price correction, VET can dip to $0.0193 before it starts to pick up momentum. On the same note, the VET price was above the 20-Simple Moving Average line (SMA), which meant that buyers were driving the price momentum in the market.

It was also above the 50-SMA line (yellow); however, another pull from the bears will drag VET below the 50-SMA line.

VET

Technical indicators continued to suggest that VET hasn’t lost its bullish steam. The Moving Average Convergence Divergence, which indicates price momentum and reversals, showed green signal bars.

Green signal bars are tied to a buy signal, but the recent bar was declining in strength, implying that traders should skip buying the asset right away. The Chaikin Money Flow was above the half-line and registered a fall; the capital inflows were far higher than capital outflows despite the fall.

Overall, the market remains on the bulls’ side, but VET has to stay above its crucial support line to keep the bears from returning.

Share:

Share on facebook
Facebook
Share on twitter
Twitter
Share on pinterest
Pinterest
Share on linkedin
LinkedIn
On Key

Related Posts

Bitcoin Has Entered Into The Early Bull Phase — Crypto Pundit Avers

Ki Young Ju, the CEO of data analytic firm CryptoQuant is convinced that Bitcoin is on the cusp of a major lift-off as crypto traders continue to switch from a risk-off to risk-on mode. Earlier yesterday, Young tweeted that Bitcoin had “entered into the early bull phase”, suggesting that the top cryptocurrency by market capitalization

Goldman Sachs Ranks Bitcoin Best Performing Asset so Far This Year

Goldman Sachs has ranked bitcoin the best-performing asset so far this year. The cryptocurrency also tops the global investment bank’s list as the asset with the highest risk-adjusted return — above gold, real estate, the S&P 500, and the Nasdaq 100. Bitcoin Outshines Other Investments on Goldman’s Chart Global investment bank Goldman Sachs has reportedly

Global Digital Cluster Coin (GDCC) Is Now Available on LBank Exchange

PRESS RELEASE. LBank Exchange, a global digital asset trading platform, has listed Global Digital Cluster Coin (GDCC) on January 27, 2023. For all users of LBank Exchange, the GDCC/USDT trading pair is now officially available for trading. With its new-age protocol and peer-to-peer network, Global Digital Cluster Coin (GDCC) restructures the concept of money and