VET Technical Analysis: Price May Further Fall Below $0.17
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VET Technical Analysis: Price May Further Fall Below $0.17

May 13, 2021      Ankita Awasthi

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:

Past Performance

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.

https://s3.tradingview.com/snapshots/5/5nMYyN1j.png

https://s3.tradingview.com/snapshots/5/5nMYyN1j.png

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.

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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.

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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.

#VeChainThor #VET
Ankita Awasthi
Ankita Awasthi

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.