VET coin price experiences sudden exhaustion in buying pressure after the 200-day EMA breakout resulting in a 9% decline. Will buyers regain trend control?

Key technical points:
<ul>
 	<li style="font-weight: 400">VET prices create a piercing candle resulting in an 8% discount.</li>
 	<li style="font-weight: 400">Next, the altcoin fails to sustain above the 200-day EMA.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of Vechain is $888 Million, marking a 57% decline.</li>
</ul>
<h2>Past Performance of VET</h2>
VET coin price shows a phenomenal bullish engulfing candlestick of 17% gain as the rounding bottom breakout rally. The rally breaks above the 200-day EMA and the $0.082 resistance level. However, the buyers fail to sustain pressure to continue the uptrend resulting in a sharp downfall of 8% with a piercing candlestick.

<img src="https://s3.tradingview.com/snapshots/s/SieR7I8T.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/SieR7I8T/">Tradingview</a>
<h2>VET Technical Analysis </h2>
VET coin price showcases a bearish follow-through candle with a 1.10% fall but the lower price rejection with the long-tail formation highlights the bullish fightback. Hence, buyers can shortly sabotage the bearish candle with a sideways trend before continuing the uptrend.

The crucial daily EMAs (50, 100, and 200-days) maintain a bearish alignment as the price trades close to the 200-day EMA. Moreover, the uptrend in the 50-day EMA continues, teasing a potential bullish crossover with the 100-day EMA.

RSI Indicator: The RSI slope tests the 14-day SMA as it fails to sustain in the overbought territory. However, the uptrend might continue if the RSI slope reverses from the average line.

MACD Indicator: The MACD and signal lines defend the broad bullish stretch as they transcend the zero value mark. However, the flattish but diagonal moving fast line reflects the bullish exhaustion.

In a nutshell, the VET technical analysis underlines the increased downtrend possibility with the 200-day EMA fallout.
<h2>Upcoming Trend </h2>
The VET coin price must overtake the 200-day EMA for a bullish uptrend continuation. The lower price rejection increases the chances of surpassing the 200-day EMA but the increased selling pressure remains a thorn on the path. The bullish continuation can reach the $0.090 mark if the buying pressure sustains.

Support Levels: $and $0.90

Resistance Levels: $0.075 and $0.070

VET Technical Analysis: Can Buyers Overtake Control of 200-day EMA?

VET coin price experiences sudden exhaustion in buying pressure after the 200-day EMA breakout resulting in a 9% decline. Will buyers regain trend control?

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

VET Technical Analysis: Can Buyers Overtake Control of 200-day EMA?

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