- VET is currently trading at $0.0147 after a notable bounce from its low in September at $0.01.
- VET price is facing some resistance in the form of the 12-EMA at $0.0148.
VeChain had a steep correction after its peak on August 7, and it’s still down 36% since then. Bulls are looking for a clear breakout while bears are waiting to continue with the robust downtrend formed.
VET/USD 3-day chart
On the 3-day chart, the TD Sequential indicator created a strong buy signal on September 9, which has been confirmed now after two consecutive green candlesticks. The 12-EMA resistance level is right around the current price, and the MACD looks to be on the path of a bullish cross.
VET IOMAP Chart
Furthermore, looking at the IOMAP chart, we can notice that there is very little resistance between $0.014 and $0.017; however, above this last level, there is a massive resistance cluster.
VET/USD daily chart
VET's daily chart is looking more bullish now that the price established a higher low and a higher high. The MACD also turned bullish, but the 100-MA is acting as a strong resistance level.
VET New Addresses
Unfortunately, even if the bulls can push VET towards $0.017, the colossal resistance cluster at that level will most likely push it back down. However, the interest in VET seems to be fading away as the number of new addresses has been declining since July. Similarly, the number of transactions is also down.
The most critical resistance level remains at $0.017, while support is at $0.01.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.