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Should you buy VeChain after the 20% drop?



VeChain (VET / USD) suffered a huge slump in the most recent dip, falling from $ 0.177 to $ 0.135. It slipped over 20% in just three days and investors are now looking for ways to go long. VET was down over 6% on Thursday and still looks very weak for the coming weeks. However, this could be the perfect opportunity for investors to buy the dip.

  • Vet is down over 20% in just three days. It formed huge red candles, showing that it is still very weak and there are no signs of buyers returning anytime soon.

  • Vet is now at a very critical level of support. It was from this zone that it started its previous rally. However, it looks like a collapse out of the zone will soon be seen.

  • The 50-day moving average could also support the price. However, Vet could break the 50-day moving average soon as sales volume was high on Thursday.

  • The RSI is showing no sign of reversal and is falling very quickly. Hence, long positions should be avoided until the RSI starts rising. This would mean buyers are slowly coming back.

  • A trend reversal could occur at $ 0.126. However, investors should be careful and only get in when there is a trend reversal and set a stop loss below this zone.

  • A target can be set at $ 0.157 followed by $ 0.18.

Conclusion

Investors need to be patient and wait for the right moment to get into Vet. Entering too early would be very risky as Vet could fall even further. However, this would be a great opportunity to buy the dip as Vet is basically a promising coin.

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