VeChainThor is a public blockchain network that allows users to solve real-life economic problems using digital currencies. It also facilitates decentralized application development and information storage. VET is the prime governance token of this ecosystem and the technical analysis is as follows:
On May 6, 2021, VET opened at $0.21. On May 12, 2021, VET closed at $0.20. Thus, in the past week, the VET price has declined by roughly 5%. In the last 24 hours, VET has traded between $0.16-$0.20.
Day-Ahead and Tomorrow
Currently, VET is trading at $0.18. The price has declined from the day’s opening price of $0.20. Thus, the market seems to be bearish.
The MACD and signal lines are positive. Thus, the overall market momentum is positive. However, a bearish crossover by the MACD line over the signal line has occurred. Thus, the price is expected to fall further before it starts rising.
Currently, the RSI indicator is at 46%. It faced rejection at 50% and fell to this level. Thus, selling pressures are high. Hence, the price is likely to dip further.
However, the A/D indicator is upward sloping. There is bullish divergence here. In other words, as whale accumulations are higher than distributions, the price is likely to go up.
VET Technical Analysis
In short, when we look at all three indicators together, we can say that a price uptrend is likely to set in. However, there will intermittent price pullbacks as the VET market is in a price correction phase.
Currently, the price is below the Fibonacci pivot point of $0.19. It may fall further below the first support level of $0.17. Thereafter, we have to wait and watch to see if the price starts rising.
The price has tested and fallen below the 50% FIB retracement level of $0.18. It may soon fall below 38.2% and 23.6% FIB retracement levels of $0.175 and $0.169, respectively. If by day end, if the price doesn’t retest and break out of these levels, then the price downtrend is strong. In that case, the price decline will continue tomorrow as well.