VET coin price experiences a sharp increase in selling activity after the 50-day EMA retest. Will the downtrend reach the $0.044 mark?

Key technical points:
<ul>
 	<li style="font-weight: 400">The MACD and signal lines continue a downtrend below the zero line. </li>
 	<li style="font-weight: 400">The VET coin price has descended by 25% within two weeks.</li>
 	<li style="font-weight: 400">Finally, the 24-hour trading volume of VET is $220 Million, marking a 25% rise.</li>
</ul>
<h2>Past Performance of VET</h2>
VET coin price fell by 33% in the past three weeks after facing immense supply pressure at the $0.085 mark resulting in fallout of multiple support levels. The altcoin failed to sustain above the 200-day EMA resulting in a fall under the 50-day EMA. The downtrend retests the 50-day EMA to continue the downtrend and approach the $0.055 level.

<img src="https://s3.tradingview.com/snapshots/n/nsbdOfpN.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/nsbdOfpN/">Tradingview</a>
<h2>VET Technical Analysis </h2>
VET coin price action shows a breakout of the low formed at the $0.057 mark indicating a potential downtrend continuation to $0.044. However, safe traders might want to wait till the price crosses the $0.055 to avoid speculative risk.

A grouping of EMAs (20, 50, 100, and 200) keeps a bearish pattern on the daily chart, including the 50-day EMA acting as dynamic resistance, forcing the price down. Hence, the 50-day EMA plays a crucial role in sabotaging bullish growth.

RSI Indicator: The RSI slope demonstrates the continuation of the downtrend after the fall from the overbought zone and succumbing under the halfway point. Additionally, due to the declining 14-day SMA, the RSI indicator predicts a significant rise in bearishness. 

MACD Indicator: The MACD and the signal lines are sloping below the zero line in a bearish alignment and create a reprise of those bearish Histograms. Therefore, the indicator indicates an increased chance of an $0.055 fallout.

In a nutshell, the VET technical analysis illuminates the possibility of a downtrend under $0.050.
<h2>Upcoming Trend </h2>
The VET/USD pair has an incredible increase in selling activity, as bulls failed to sustain above the crucial EMAs. Therefore, the decline could breach the support level of the $0.055 mark. Moreover, the traders with bearish intentions can expect the downfall to reach the $0.044 mark.

Support Levels: $0.055 and $0.044

Resistance Levels: $0 .068 and $0.082

VET Technical Analysis: EMAs Bring Another Bearish Trend 

VET coin price experiences a sharp increase in selling activity after the 50-day EMA retest. Will the downtrend reach the $0.044 mark?

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: EMAs Bring Another Bearish Trend

Top Picks