VET Awaiting Breakout Beyond Price Pullback - Technical Analysis

Ankita  |  Mar 12, 2021

VeChainThor is an open-source blockchain network that derives its value from its miners solving real-world economic problems. It has co-developed a traceability blockchain along with DNV. As per recent news, Norwegian firm Hydro has adopted this blockchain to prove to its customers that the firm produces aluminum of sustainable standards.

Past Trends

On March 5, 2021, VET started trading at $0.05. On March 11, 2021, VET closed at $0.067. Thus, in the past week, the VET price has soared by roughly 34%. In the past 24 hours, VET has been trading between $0.058-$0.07.

VET Price Analysis

Day-Ahead and Tomorrow

This morning, VET started trading at $0.067. Currently, it is trading at $0.068. The price is an uptick. The market looks positive.

The OBV indicator is upward sloping. Thus, buying activity is high. High buying volumes will exert upward pressure on the VET price. Hence, we can expect the price to rise further.

Presently, the RSI indicator is at 43%. It is falling further implying that selling pressures are high. Heavy sell-offs will exert downward pressure on the VET price. Hence, we can expect a price pullback.

The MACD and signal lines are positive. However, they are very close to the zero line and may change signs soon. Moreover, a bearish crossover by the MACD line over the signal line is indicative of a trend reversal. Thus, the price may start dipping.

VET Price Analysis

Currently, the price is moving closer to the first Fibonacci pivot resistance level of $0.07. However, as the oscillators have indicated a price pullback, the price may fall to the Fibonacci pivot point of $0.065, before resuming its upward journey.

Presently, the price is about to test the 23.6% FIB retracement level of $0.067. It may fall below it as a price pullback is on the horizon. However, if by the end of the day, the price breaks out of this level, we can be assured that the bull-run will continue tomorrow as well.

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