- On a daily time scale, the price of the VET coin is trading in the demand zone.
- On a daily time scale, the price of the coin is creating a falling wedge pattern.
- The price of the VET/BTC pair is now 0.00000100, down -1.23% over the last 24 hours.
The VET coin price as per the price action is bullish on a larger time frame. The coin price recently broke the important supply zone on a daily time frame which resulted in the strong bullish rally. The coin price has now started falling to the breakout zone. Thus the recent fall in the price can act as a retest of the breakout zone for the further up move.
VET token price forms a positive price structure
The recent fall in the price of VET coin price has been due to the overall bearish sentiments in the cryptocurrency markets. The coin price is making higher high and higher low formation on an hourly time frame while on a daily time frame the coin is doing vice versa.at present, the coin price is trading above the 50 and 100 Moving Averages. Recent breakout of the supply zone on a daily time frame has resulted in the coin price trading above these important MAs.
Moving upwards the coin price can be seen taking support at these MAs. The VET coin price is trading at the lower band of the bollinger band indicator following the bearish sentiments in the market. Volumes have been normal as the coin price consolidates near the demand zone. Breakouts on either side of the consolidation will trigger big and rapid moves therefore investors should remain cautious and wait for a clear trend.
The VET coin price is forming falling wedge pattern on a daily time frame
The VET coin price fell to the demand zone after facing strong bearish pressure off the supply zone. As a result, the MACD indicator triggered a negative crossover. The blue line crossed the orange line on the downside. As of now, the VET coin price is consolidating near the demand zone. If it breaks the demand, the MACD line can be seen widening supporting the trend and if it bounces off the demand zone, the ACD indicator can be seen triggering a positive crossover.
RSI curve is trading at the level of 33.82. The RSI curve is yet to cross the halfway mark of 50. Once the coin gives a breakout of a falling wedge pattern on a 4-hour time frame, the RSI curve can be seen moving up. If that happens, the RDI curve can cross the halfway mark of supporting the trend. The RSI curve has crossed the 14 EMA yellow line indicating a short-term bullishness.
ADX curve has been falling for the past couple of days. This has come after the coin price failed to surpass the supply zone. At present, the ADX curve is transacting at 27.17. Recent bearishness has resulted in the ADX curve slipping below the 30 Mark. If the coin price fails to bounce off the demand zone, the ADX curve can be seen losing strength and falling further.
Conclusion: The VET coin price is trading at the demand zone, and as the price action suggests, is forming a bullish chart pattern. As per technical parameters, the coin price can continue in a bearish trend for a longer period of time if it fails to break the supply zone. Although the coin price has formed a bullish candlestick pattern at the demand zone, it remains to see if the VET coin price successfully bounces off the demand zone or falls below it. An investor should remain cautious and wait for a proper signal and then act accordingly.
Support: $0.018 and $0.16
Resistance: $0.022 and $0.024
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 establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/12/vet-coin-price-analysis-is-vet-coin-indicating-bearish-run/