VET Technical Analysis: Significant Deviation Across the Week, Taking Support at $0.104 Repeatedly
VeChain (VET) is a blockchain-powered supply chain platform. Begun in 2015 and launched in June 2016, VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some major problems with supply chain management. VeChain is the product of creator and co-founder Sunny Lu, an IT executive who was formerly CIO of Louis Vuitton China.
On 7 October 2021, VET opened at $0.1124. There was a little positive change of 2.6% over the week. It closed on 13 October at $0.1154.
VET Technical Analysis
The price chart did not show any significant deviation across the week. It took support at $0.104 repeatedly. The last two days, however, saw an increase in the prices. This is a bullish signal and can be the start of an uptrend, but traders may wait for the price to break the resistance at $0.123 before making a clear call. The current trading price for VET is $0.120, which is about 4.3% up from yesterday.
OBV is showing a slight decline in the buying pressure. This is a bearish signal. The traders may take a short position if the price falls below the current support at $0.10.
RSI is showing an uptrend. It is currently at 58.93%. This is a bullish signal. However, the traders may wait to take a long position till the price breaks the resistance at $0.123.
MACD is showing that the fast and slow lines are moving quite close to each other with a constant gap between them. This is again a bullish signal, but the traders may wait for the price to break the resistance at $0.123 as the trend has not started yet.
Day-Ahead and Tomorrow
Fib retracement shows that the VET price broke the fib resistance at $0.11 yesterday. The next fib target is at $0.12, breaking which the price will enter an uptrend.
Thus, the traders may take a long position if the price breaks the resistance at $0.123. If that is the case, then the target can be kept at $0.135 and stop-loss at $0.115.
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