Lorenzo Stroe
Independent Analyst
- 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
-637360459719165878.png)
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
Source: IntoTheBlock
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
Source: IntoTheBlock
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.