The opening price of VeChain (VET) was $0.054 on February 19, 2021. As of February 25, 2021, the closing price of VET was $0.039. Thus, the price has fallen by approximately 28% in the past week. In the last 24 hours, the VET price has traded between $0.037-$0.045. https://ift.tt/2O3r7ga Technical Indications for the Day-Ahead and Tomorrow At present, VET is trading at $0.038. The opening price of VET was $0.039 in the morning. Thus, the VET price has dipped. The price line is below the SMA line. Thus, the market looks bearish. The OBV indicator has fallen steeply. Thus, there are heavy sell-offs in the market. As selling pressures are very high, we can expect the price to drop further. Currently, the RSI indicator is at 39%. A few minutes back it was below the 30% mark in the ‘oversold’ territory. Thereafter, it rallied to the current level. It is a good time for swing traders to go long. Selling pressures are high. Hence, we can expect a price pullback. The MACD and signal lines are negative. Thus, the overall market momentum is bearish. A bearish crossover by the MACD line over the signal line gives credence to a price dip. Thus, the price will fall further, as bears are strong. The ADX indicator is very volatile with intermittent peaks and troughs. The indicator has started rising again. As the price is also rising slowly, the bearish momentum is gradually weakening. However, it is too early to predict a trend reversal. VET Price Analysis The price is below the Fibonacci pivot point of $0.04. The price is soon likely to fall below the first Fibonacci support level of $0.037, as the price downtrend is strong. If the downturn continues, the price may fall below the subsequent Fibonacci pivot support levels of $0.035 and $0.032 respectively. The price has tested the 38.2% and 23.6% FIB retracement levels of $0.04 and 0.039, respectively, since morning and fallen below them. Thus, as of now, the bear-run is strong and likely to continue tomorrow as well.
The post VET Trading at $0.045 Amidst Heavy Sell-Offs – Technical Analysis appeared first on Cryptoknowmics-Crypto News and Media Platform.
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