VeChain Price Analysis: VET presents buy signal at crucial support
- Vechain price is on the verge of losing a critical support level.
- A buy signal was presented by an indicator on the 4-hour chart which gives the bulls better odds.
Vechain price peaked at $0.032 on January 6 and has been under consolidation since then dropping to a low of $0.0245. Bulls need to defend a critical support area to avoid a massive Vechain sell-off.
Vechain price could resume uptrend but needs to stay above this level
On the 4-hour chart, the digital asset has dipped to a low of $0.0245 and it seems bulls have defended this level again in the past four hours establishing a higher low at $0.0255.
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VET/USD 4-hour chart
The TD Sequential indicator has also just presented a buy signal on the 4-hour chart which gives the bulls good odds of defending the massive support area between $0.026 and $0.017.
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VET GIOM
According to the Global In/Out of the Money (GIOM) chart, the area between $0.026 and $0.017 is a crucial point as there is very little support below this range down to practically $0. Bulls must absolutely defend this area for the potential to re-test $0.032.
Falling below this critical support area can be devastating for Vechain. Bears will initially target $0.019 as it is a support trendline on the 4-hour chart, followed by $0.014 which is the lowest support point.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
