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- VET coin indicates that the 50- and 100-day EMAs are poised to give rise to a bearish crossover.
- The VET/BTC pair was trading at 0.000002521 BTC with a fall of 4.31%
- The 24hr trading volume for the VET coin is $702 Million
The VET coin reveals another opportunity for Crypto Traders with the Rejection near the long-coming resistance trendline in the daily time frame chart. This reversal has a crucial support at the $0.10 level, and currently, the price is dripping towards this level after forming a bearish engulfing candlestick. Thus, after the Rejection of the price from the resistance trendline, the price will again be facing the crucial support level with the hope of providing a bullish reversal with a sufficient rise in demand.
The EMA’s lines show that the VET coin trades closer to the crucial EMA’s 50, 100 and 200, indicating a retracement phase. In addition, the chart also shows that the 50 and 100 EMA could soon offer a bearish crossover which could attract more selling pressure to this coin market.
The RSI (Slightly Bearish) current value is 44, indicating that the bearish sentiments are on the rise.
VET Coin Shows Inverted Rounding Bottom
The VET coin showcased a reasonable possibility of price breaking below the crucial support level as the price retraces back to the level forming an inverted rounding bottom pattern in the 4hr time frame. This pattern could provide enough bearish boost to the VET coin to dip or even break the $0.088 mark.
The moving average convergence/divergence indicator (Bearish) shows both the MACD signal lines are retracting back into the move negative zone (0.00), indicating the bearish sentiment in the VET coin. In addition, the indicator also shows fall green bars on the histogram chart.
Conclusion: From the technical perspective, the VET coin shows a solid bearish outlook in its price action and indicators in the short term. Hence, the traders looking for shorting opportunities can consider the VET coin.
Thus, as mentioned above, the coin reveals an inverted rounding bottom pattern, holding an excellent shorting opportunity for VET traders. Therefore, if the price manages to give a decisive bullish reversal from the crucial support, then VET traders can grab a tremendous strong-directional move in this coin which shows the nearest target till the $0.165 mark.
Support: $0.11 and $0.088
Resistance: $0.145 and $0.165