Starting from 4 April, sellers will feel like fish in water in the VET market. During this time, <a href="https://www.cryptoknowmics.com/news/vet-technical-analysis-a-reversible-pattern-is-formed">the VET price</a> fell by 70%. Sellers were able to break an important liquidity zone of $0.045, after which the VET price began to fall more cheerfully. The loss of control over the growth trend of 29 November 2021 clearly did not benefit investors. The probability of the price continuing to fall to $0.02 is quite high. Of course, given the closing of the 9 May weekly candle, the $0.02 test question is questionable.

<img class="alignnone" src="https://s3.tradingview.com/snapshots/r/R7VoWr5M.png" alt="VET" width="1700" height="1073" />

<a href="https://www.tradingview.com/x/R7VoWr5M/" target="_blank" rel="nofollow noopener">https://www.tradingview.com/x/R7VoWr5M/</a>

After all, the week closed with a big pin-up. However, the sharp price jump could be an emotional decision of short-term traders, who could already leave the market and forget about this trading situation. Trading volumes increased only during the last trading week. The local rebound of the price is the beginning of the slowdown in the downward trend. Therefore, at the moment we do not believe that the price without a global upward correction will be able to break and consolidate below $0.02. This mark is a great chance to buy VET with low risks in the long run.
<h2>Technical Analysis Of VET On The Daily Timeframe</h2>
<img src="https://s3.tradingview.com/snapshots/d/DfrgMV2p.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/DfrgMV2p/" target="_blank" rel="nofollow noopener">https://www.tradingview.com/x/DfrgMV2p/</a>

Analyzing the movement of the VET price on the daily timeframe, we see a test by the VET price of the lower trend line. Around 0.027, buyers have formed a local liquidity zone, from which the rebound in the VET price may continue. The final target of the rebound is $0.04, given the dynamics of the fall and the magnitude of the first rebound, we will hopefully see more. From $0.04, the VET price fall may continue. We even allow updates to the local lows. Though, do not rush and place limit orders in the range of $0.027. The fact is that the three-day rebound in the VET price up since 13 May took place at questionable levels.

If on 3 May, the trading volumes were high, then each subsequent trading day closed in smaller and smaller volumes. This does not characterize buyers as strong. Therefore, a sharp price fall to the range of $0.027 will be a signal to continue to fall and update the local low without a deep rebound of the VET price up.
<h2>The VETBTC Price Breaks The Critical Range Of 0.00000111</h2>
<img src="https://s3.tradingview.com/snapshots/t/Tsxinyg9.png" alt="TradingView Chart" />

<a href="https://www.tradingview.com/x/Tsxinyg9/" target="_blank" rel="nofollow noopener">https://www.tradingview.com/x/Tsxinyg9/</a>

The positive is not visible on the weekly price chart of VETBTC. In addition to the fact that the VETBTC price aesthetically moves within the black fall channel, sellers managed to test the range of 0.00000111. This range is quite important to buyers. Loss of control over this range will mean the collapse of buyers and the likely continuation of the fall to the mark of 0.00000066. So far, this scenario looks more realistic than the beginning of a reversal in the VETBTC market. An important signal for this scenario will be the closing of the weekly candle from 16 May below the range of 0.00000111.

VET Technical Analysis: The Probability Of The Fall Continuation To $0.02 Is High

From $0.04, the VET price fall may continue. We even allow updates to the local lows. Though, do not rush and place limit orders in the range of $0.027.

Peter came to know about cryptocurrencies in 2017 and was instantly enamoured by their massive potential. As he gained more insights about the crypto market, he began writing about it. Peter's daily activity is analysis and forecasting, studying the price movements probabilities, and trying to understand the market inside. He is glad to witness such a phenomenon as cryptocurrency and decentralized finance, and to participate in it.

VET Technical Analysis: The Probability Of The Fall Continuation To $0.02 Is High

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