After yesterday analysis of VET, the coin kept to its expectation of retesting the initial resistance level, thus looking set to continue the bearish momentum into a new record lower level or probably reverse from that point.
Supply levels: $0.0100, $0.0110, and $0.0120
Demand levels: $0.092, $0.084, and $0.080
VETBTC Trends: Bearish
The pair is rightly sitting on the price resistance level of $0.080, which may call for an end to its bearish trend, or breaking this level and thus, moving for a new lower low record. But, if it fails to break this level the price will have no option than to reverse for a bullish trend. Therefore, waiting for today’s candle close will be ideal.
The daily Chart shows that the MACD Histogram bars are just set for a continuous bearish momentum, including its signal lines crossing. Also, the 50 Exponential Moving Average, is above the candlesticks, still supporting the bearish movement.
VETUSD Market Analysis
The coin is in a ranging mode. The loss of market momentum has been largely due to the price resistance that the market could not break through. Well. This could be a buildup for a larger movement in either way.
The 4-hours chart sees the price moving in-between the 50 Exponential Moving Average, and the MACD Histogram bars are all lying low, thus the counter market movement.
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