VET prices halted the correction rally at the $0.045 horizontal level after a correction of 45% last month. Will this halt mark a bullish reversal spot?

Key technical points:
<ul>
 	<li style="font-weight: 400">VET prices show a sideways trend above the $0.045 mark.</li>
 	<li style="font-weight: 400">The MACD indicator shows a decrease in bearish spread.</li>
 	<li style="font-weight: 400">The 24-hour trading volume of Vechain is $226 Million, marking a 13% rise. </li>
</ul>
<h2>Past Performance of VET</h2>
VET token price shows a correction rally starting from the $0.085 level resulting in a fall below all the crucial daily EMAs and breaking the psychological mark of $0.050 within a month. The downfall accounts for deflation of 45% before taking a halt at $0.045, resulting in a short consolidation.

<img src="https://s3.tradingview.com/snapshots/0/0Y8bwWvW.png" alt="TradingView Chart" />

Source-<a href="https://www.tradingview.com/x/0Y8bwWvW/">Tradingview</a>
<h2>VET Technical Analysis </h2>
The VET coin price action shows a high likelihood of buyers regaining the $0.050 threshold as the $0.045 support level has pushed the price higher multiple times. Therefore, considering the prior successful bullish reversal attempts, buyers can find an excellent risk to reward ratio at the current market price.

The crucial daily EMAs showcase a bearish alignment with a falling trend, gradually gaining bearish momentum while failing to provide dynamic resistance. However, the EMAs fail to provide significant resistance other than the 50-day EMA.

The RSI slope indicates a reversal trend from the oversold zone turning sideways under the 14-day SMA influence. However, the slope has enormous potential and space for a bull cycle after crossing above the halfway line.

The MACD and signal lines maintain a bearish alignment. Still, the decreasing spread projects a high possibility of a crossover to regain the bullish alignment and start a positive histogram trend. 

In short, the VET technical analysis displays a high likelihood of an uptrend above the $0.050 mark.
<h2>Upcoming Trend </h2>
VET coin price takes a dip at the $0.045 level for the fourth time this year, and the successful attempts to halt the downtrend and push for a bull cycle increase bullish spirit. Hence, traders can find entry opportunities at the current market price with a potential target of $0.068 and a stop loss below the $0.040.

Resistance Levels: $0.060 and $0.068

Support Levels: $0.045 and $0.040

VET Technical Analysis: Halt at $0.045 Brings Reversal Spot

VET prices halted the correction rally at the $0.045 horizontal level after a correction of 45% last month. Will this halt mark a bullish reversal spot?

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: Halt at $0.045 Brings Reversal Spot

Top Picks