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Ankita Awasthi
Aug 9, 2021

VET Technical Analysis: If Price Breaks Down from the Current Level, It Can Retest the Support Level at $0.0974

VET
The supply chain platform VeChain (VET) operates on the blockchain.VeChain was launched in June 2016 and is a distributed governance and Internet of Things (IoT) technology initiative aimed at solving some of the major problems in supply chain management.

Based on its VeChainThor public blockchain, the platform manages and creates value using two in-house tokens, VET and VTHO. Let us look at the technical analysis of VET.

Past Performance

On the 30th of July, the trade opened at $$0.08265, and on the 7th of August, the trade closed at $0.1035. During this week, an approximate increase of 80.38% in the trading price is witnessed. In the last 24 hours, VET traded between $0.1001-$0.1106.

TradingView Chart Snapshot

VET Technical Analysis

Currently, the RSI is at 73.88%. The RSI is strongly suggesting a bullish trend. However, being the leading indicator, a dip in RSI will indicate a trend reversal. Till then, it has the potential to rise from this level.

On the daily chart, MACD and EMA lines are above the zero range. Suggesting a positive market. However, a bullish crossover by the MACD line over the Signal line can be seen. Therefore, the overall market momentum seems bullish, and we can expect the VET price to rise for the rest of the day.

On the daily chart, the OBV is pushing towards an upward slope, suggesting high pressure on the buying side.

Day-Ahead and Tomorrow

Currently, the price is trading below the Fibonacci pivot point of $0.107. As some of the oscillators have shown bullish signals, we can expect the price to rise above the first Fibonacci pivot resistance level of $0.107 soon.

However, if VET breaks down from the current level, it can retest the support level at $0.0974.

In the last 24 hours, the price has seen an upsurge of merely 1%. There has been huge fluctuations in the last 24 hours for VET. With the indicators suggesting a neutral market and the RSI touching the highs, the traders shall prepare themselves for huge fluctuations in the price.

We can expect a bearish market for tomorrow, if the selling pressure overtakes the buying pressure. Till then, traders can scalp and earn in between the range.

VET Technical Analysis: If Price Breaks Down from the Current Level, It Can Retest the Support Level at $0.0974
Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

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