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VeChain Price Analysis – VET Trading Under Descending Trend Line – Can the Bulls Break Above?

VeChain Price Analysis - VET Trading Under Descending Trend Line - Can the Bulls Break Above?

Price Analysis

VeChain Price Analysis – VET Trading Under Descending Trend Line – Can the Bulls Break Above?

VeChain Thor has seen a small price increase totalling 3.58% over the previous 24 hour trading session, bringing the current trading price up to around $0.004064, at the time of writing. The cryptocurrency has struggled over the past 90 trading days as price action has slipped by a precipitous 48% over the stated period.

The cryptocurrency is now ranked in 25th position in the market cap rankings as it currently holds a total market cap value of $223 million.

VET/USD – MEDIUM TERM – DAILY CHART

VeChain Thor Analysis

Image Credit: Trading View

Taking a look at the VET/USD 1-day chart above, we can see that the 2018 bearish market had found support just below the long term downside 1.414 FIbonacci Extension level (drawn in turquoise) priced at $0.003454. As the market had reached this area, price action had reversed and proceeded to rally.

The market then rose into resistance provided by a bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.005237. As 2019 began to trade we can see that the market has now been slowly declining.

VET/USD has been trading underneath a 2 month falling trend line and has not been able to overcome this trend line in 2019. The market has found strong support at a short term .786 Fibonacci Retracement level (drawn in green) priced at $0.003634. This has created the 2019 price low at the time of writing.

The VET/USD market is now trading at resistance provided by the short term .5 Fibonacci Retracement level (drawn in green) priced at $0.0040960.

Looking ahead, if the buyers can bring the market above the $0.0040960 level, we can expect immediate higher resistance above to be located at the falling trend line. If the can continue to climb above the descending trend line, we can then expect higher resistance to then be located at the short term .382 and .236 Fibonacci Retracement levels (drawn in green) priced at $0.004286 and $0.004521, respectively.

Further higher resistance for VET/USD is then expected at the $0.0050 level. If the ballers can break above the $0.005 level, we can then expect resistance to be located at the bearish .236 Fibonacci Retracement level (drawn in red) priced at $0.005237. This bearish FIbonacci Retracement level is measured from the high seen in November 2018 to the December 2018 low.

More resistance above this is then expected at the short term 1.414 and 1.618 Fibonacci Extension levels (drawn in blue) priced at $0.005580 and $0.005908, respectively.

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Alternatively, if the sellers regroup and begin to push price action lower, we can expect immediate support below to be located at the short term .618 and .786 Fibonacci Retracement levels (drawn in green) priced at $0.003905 and $0.003634, respectively.

More support below this is then expected at the previous long term downside 1.414 Fibonacci Extension level (drawn in turquoise) priced at $0.003454.

The RSI has recently broken above the 50 handle which indicates that the buyers have taken control of the momentum within the market. If the RSI can continue to rise above the 50 handle we can expect price action to continue to travel higher.

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Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Reach out to him at yaz@coingape.com

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