VeChain Technical Analysis: VET/USD bulls try to negate Thursday’s losses
- VET/USD is consolidating in a flag formation, preparing itself for a breakout.
- The RSI shows that the asset is overpriced and will face another bearish correction soon.
VET/USD daily chart
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VET/USD bulls are in full control of the market. The price has gone up from $0.01799 to $0.01884 this Friday. The bulls managed to negate Thursday’s losses, wherein it dropped from $0.01894 to $0.01799. The price is consolidating in a flag formation, preparing itself for a breakout.
The MACD shows decreasing bullish momentum, as the MACD line looks to cross over the signal line. The RSI is trending along the edge of the overbought zone, indicating that it’s presently overpriced. As such, the price may face another bearish correction soon.
Support and Resistance
VET/USD has one strong resistance level at $0.01984. On the downside, healthy support levels exist at $0.01842 and $0.0176.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
