VeChain (VET) Sends Bearish Signals? Analyst Points Key Levels
25 Januar 2022 - 11:00PM
NEWSBTC
VeChain has followed the general sentiment in the market and it’s
currently trading in the green. Its 24-hour profits stand at 7.8%
with VET’s price exchanging hands at $0.053. Related Reading |
VeChain Foundation Announces New Stablecoin, Could It Create Fresh
Demand For VET? In a recent video posted on his YouTube channel,
analyst Justin Bennett looked into VeChain as the sell-off across
the crypto market seems to slow down. As seen below, on the weekly
timeframe, the analyst believes VET’s price is yet to come out of
the wood. As the chart shows, VeChain broke an important trendline
on the aforementioned timeframe as it failed to hold above the
$0.060 level. Given the relentless selling pressure that led to a
breakdown in that structure, Bennet believes “the market doesn’t
look all that great”. As long as VET is unable to break above its
current levels and return to its weekly trendline, bears could
continue to push the price back to critical support. In order for
bulls to have a chance at a climb back to previous highs, VeChain
must reclaim the $0.060 level in the short term. Bennett said: It
would have to close the day above $0.0650 before it starts to move
back to $0.10, $0.12, etcetera. Until that day I think you have to
be careful, and you have to realize that the downtrend is still
intact. In case of further downside action, the analyst determined
that the $0.0350 area could operate as critical support. In 2021,
this level operated as an early resistance and later as key support
when the crypto market trend lower after May. Related Reading |
VeChain Foundation Welcomes New DEX To Its Ecosystem Therefore,
VeChain (VET) is currently at a major crossroad that could
determine its price action for the coming months. Potential
Scenarios For VeChain (VET) In addition to $0.065, $0.035 will be a
“level to pay attention to” in case a new lower high comes into
play. If the level holds, investors could have an important region
for accumulation. In the coming days, the most like scenario,
Bennett claimed, could be a move into resistance for VeChain (VET),
Bitcoin (BTC), and Ethereum (ETH). However, he expects those levels
to be hard to break and will determine if VET will continue its
move into $0.08 or $0.03. Related Reading | VeChain’s DEX To Launch
Governance Token And Yield Farming Program In the VET/BTC weekly
timeframe, VET has formed an ascending triangle that just hit
critical support and could operate as support for that potential
move into resistance in the coming days.
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