VET scheduled the release of the PoA 2.0 hard fork on Nov 17.
Bear hunters may take advantage of the current situation.
Its new partnership with Questbook may also have an impact.

The VET fans are questioning the way VET is headed. It received less interest from the derivative markets, but its development activity was high. It’s all set to launch the PoA 2.0 VIP=220 hard fork on Nov 17, which aims to solve many long-due problems.

Our tech approach in recent years has been:
– Identify adoption hurdles
– Build real-world solutions
– Hire the best
– Heads down, build
With PoA2.0 almost here & 2023 + regulations imminent, we're the most real-world ready #blockchain in the industry.#VeChain $VET #Crypto https://t.co/3Ida4xVZxR
— VeChain Foundation (@vechainofficial) November 8, 2022

Also, the new partnership between Questbookand VeChian may be a major thumbs up for VET. It will use Questbook for grants and bounties, as its official Twitter account mentioned.

Here’s what charts reveal

The chart shows a steep price dip falling below the 20-day EMA and taking support at $0.206. The volume of sales and purchases shows bulk amounts, translating to sellers selling and bear hunters hunting. The BB bands move convexly, where the divergence is far apart.

The CMF indicator depicts the market is in an uptrend and may display strong bullish attributes in the coming days. Bears can take advantage of this situation. The RSI indicator moves in the bounds of the 40-50 range but may fall to the 30-40 range, keeping in mind the current sentiments.

Where does it stand?

The 4-hour window has shed some light on the past few hours’ performances. The RSI indicator has shifted to the 30-40 range and may further fall closer to the edge of the oversold zone. The CMF indicator still gives a green signal indicating the upcoming uptrend. The market situation will gain its position back in the coming days.

Conclusion

The upcoming projects and tie-ups may shift the market from bearish to bullish. It may benefit from the Questbook partnership and PoA 2.0 launch and surge back to mark an uptrend in the market.

Technical levels

Support levels: $0.020 and $0.019

Resistance level: $0.026 and $0.028

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.

Source: https://www.thecoinrepublic.com/2022/11/27/vet-looking-which-way-from-the-cliff-move-up-or-jump-down/