VET Technical Analysis – October 2021
Monthly Analysis
In the last 30 days, VET initially declined by 33%. VET then found support at $0.81. After that, the price had a breakout of 43%. Then, the price was in consolidation and had a decline of 18%, indicating that the trend might be over. Nonetheless, the price started increasing again.
Weekly Analysis
After a decrease of 18%, the price started increasing again by 22%. This suggests that the trend is now upward and that the price could keep increasing in the coming days. However, a double top pattern may take place if VET fails to break resistance.
Daily Analysis
In the intraday chart, VET has been bullish and has increased in recent hours. It has decreased by 6% in the last few hours, and it may keep increasing in the coming hours.
Key Structures
Support
- $0.1
Resistance
- $0.15
Indicators
Moving Average
The 20-day moving average is currently below the price, meaning that the trend is upward and that the price could keep increasing.
The 9-day EMA is also below the price, indicating that the price could keep increasing in the coming days. The EMA line could also act as support.
Relative Strength Index
The RSI has been increasing recently, meaning that the buying pressure is high. It is slowly approaching the overbought region, indicating that the price could keep increasing. The same applies to the 4-hour chart, as the RSI has reached close to 70.
MACD
The MACD line is above the signal line and is now above the baseline in the daily chart. This indicates that the momentum is bullish and that the price could keep increasing. In a 4-hour chart, the MACD is even more bullish, indicating that the price could keep increasing even more.
Fear & Greed
The fear and greed indicator suggests that the current emotion for VET traders is greed, meaning that traders are bullish and that the price could keep increasing.
Fibonacci
The Fibonacci retracement levels suggest that if the price retraces, it could go as low as the 61.8% level. If that occurs, the price could aim for the 23.6% extension level.
Price Prediction VET – October 2021
Based on this technical analysis on VeChain (VET), we could see its price increase in the coming days if the double top pattern is not respected. VET could aim for a new all-time high, and if BTC keeps increasing in the coming weeks, then VET may eventually reach close to $1.
Latest News for VET – Affecting Price
VeChain has recently announced that they may partner with one of the biggest logistics companies in the world to promote Non-Fungible Tokens (NFTs). This could see the price of VET increase massively in the coming weeks.
One of the biggest logistics companies in the world 🤝 VeChain
— VeChain Foundation (@vechainofficial) October 13, 2021
Also read: VeChain (VET) Price Prediction – Will VeChain Reach $1?