VECHAIN – ALTCOIN CHART ANALYSIS

VeChain (VET) is in a clear downtrend. So far we are solid in the $0.029 area and see no further sell-off. However, the market situation is bearish.

The 4H-EMA ribbons continue to represent resistance and so far have not been able to sustainably break through to the top. Also the monthly resistance S1 prevents us from going up.

Trading volume remains at a very low level and doesn't help us create much bullish sentiment. It is more important that we can keep our green support box.

On the daily chart we can see that this green support box is keeping us from much lower prices at the moment. However, the longer we test it, the weaker it becomes.

This increases the chance that we can break it and fall again to around USD 0.020. There was the last wick, which means a lot of liquidity.

This could then also mean the last correction until we possibly see a bottom formation. The RSI remains in the oversold territory and is barely bouncing.

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