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Tuesday, May 30, 2023

VeChain (VET) coin to achieve ATH again?

Technical Analysis:

As explained in the previous article which you can find here, the price played out beautifully from where we expected and the price hit the target. now as soon as it did, the price has started to consolidate for around 10 days and is still range bound.

Now the top of this consolidation is the equilibrium of the previous consolidation which was from $0.12740 to $0.11004 and its very likely that the price now might fall down a bit. Now another confluence can be added to this claim as there’s a beautiful bearish engulfing candle stick which shows bears strength in control at the moment.

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Now to some extent, the candle of 9th October can be considered as a stop hunt of this top range, and soon after that as mentioned a bearish engulfing shows that price is now very likely to fall.

Now there are some things which can drive the price to the downside around $0.08851 which are the imbalance present within the 30th September candle, the liquidity present at $0.10324, and an order block which is present at $0.08927. These 3 things may cause the price to the downside, and compiling the recent price action with these, the probability of price to go down is very likely.

Now the short sell can get exhausted at the daily order block and from there possible longs can be taken which can rally all the way till at least $0.11165 as there’s imbalance present which might need to get filled by the price.

Now if the daily orderblock doesn’t hold the price and push up, the market might retest the support zone or even grab liquidity present below it at $0.5567.

VET Coin – Current Price Movement

VET coin is currently on number 26 in ranking and now is being traded at the rate of $0.1119 with a decrease of 3.37% within the last 24 hours. The market has been in a bearish movement for some time which eventually is a health movement as the money was flowing into the Btc at the moment but soon we can expect the whole movement to be reversed and watch the other coins grow up. At this point VET coin does look like as if it is due to correction.

The trading volume is around $361,644,809 with a decrease of 6.22% in the past 24 hours. VET coin has a  market cap $7,255,350,434. Overall the project is highly respected and has huge potential.

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