- On the daily chart it is still bullish, but bears have recently shown a strong interest.
- After reaching a new high of around $0.00107 on the 4th June, prices dropped.
- VeChain is down 9% this morning after rolling its SAT back to under 100.
VeChain signals short-term sell for VET/USD
Key Resistance Levels: $0.01, $0.0107, $0.01167
Key Support Levels: $0.0087, $0.0075, $0.0064
VeChain is still bullish in the mid-term despite a slight drop from $0.0107 at June 11, The evening star’s (pin bars) close that day indicates a temporary reversal. This is slowly taking place in the daily chart.
Now, the price faces a support of $0.0087. (February’s highest). Volatility on the current day’s candle is a sign that bears will slowly enter the market. Drops in prices today also indicate that bears are on the market.
VET currently trades at $0.0087. This pair should experience strong corrections if the daily close is below this level. The yellow trendline could be used as support, however, if selling continues for a long time.
VET Price Analysis
If the VET/USD pair fails to bounce from here, then the primary support is $0.0064 – marked grey on the price chart. If the VET/USD pair fails to bounce from here, the primary support to look out for is $0.0064 – marked grey on the price chart.
VeChain may return to the $0.01 mark if $0.0087 remains as a support. The bulls may be able to claim the $0.0107 level with a further push. VET’s price will rise to the June 2019 high at $0.01167 if it can successfully surpass this point.
VET/BTC: VeChain Rolls Back Beneath 100 SAT
Key Resistance Levels93, 100, and 108 SAT
Key Support Levels88 SAT, 80 SAT, 68 SAT
Against Bitcoin, VeChain just dropped below 93 SAT – a level that was suppressing bearish actions for the past three days. Price is now nearing the diagonal yellow support that has been forming over the past two weeks. On the 4-hours graph, we can see that the recent downward trend of 9.15% is beginning to be noticeable.
VET/BTC is losing its momentum in the lower timeframe. The bullish parabolic move on the daily chart is valid despite this. If the price falls below the line yellow formed above on the 4-hours chart, this would indicate a green signal for a sell short.
VeChain Price Analysis
VeChain approaches support at 88 SAT. Below this level of support, 80 SAT is the next grey zone. The price may further roll to the second grey area of 65 – 68 SAT in case of a breakdown.
If it is possible to recover the price above the 93 SAT mark that was reached a couple of hours ago, then the next Swing high targets 100 SAT. If it gains momentum, the price could even reach the 108 SAT level of resistance. Once this resistance is broken, a new rally could start.
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Source: cryptopotato.com