In this week’s VET technical analysis, the VeChain network is an open-source protocol that derives its value from the activities of users solving real-life economic issues. It provides a robust platform for users to develop decentralized applications and smart contracts on the VeChain Thor blockchain. It has many meta-transaction characteristics like flexible transactions, multi-party contracts, Multi-Task Transactions (MTT), etc. VET is the prime governance token of this ecosystem.
On April 7, 2021, the opening price of VET was $0.112. As of April 13, 2021, VET closed at $0.154. Thus, in the past week, the VET price has surged by approximately 37%. In the last 24 hours, VET has traded between $0.153-$0.161.
Day-Ahead and Tomorrow
Currently, VET is trading at $0.156. The price has increased from the opening price of $0.153. Thus, the market looks bullish.
The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is negative. Hence, we can expect a price pullback.
The OBV indicator is falling. Thus, selling volumes are higher than buying volumes. High selling pressures will lead to a drop in the VET price.
The RSI indicator has faced a bearish swing rejection at 51% and is currently at 46%. Thus, selling pressures are high in the VET market. Thus, the VET price is likely to start falling soon.
VET Technical Analysis
As per technical analysis, the price is currently closer to the Fibonacci pivot point of $0.155. As the indicators have given bearish signals, by day end, we can expect the VET price to fall below the three support levels of $0.153, $0.151, and $0.148 respectively.
The price has tested and fallen below 38.2% FIB retracement level of $0.156. It is soon likely to fall below 23.6% FIB retracement level of $0.155. If the price does not retest and break out of the 76.4% FIB retracement level of $0.159 by day end, it implies the bearish trend is strong. In that case, the bear-run will continue tomorrow as well.