VET Technical Analysis – September 2021
Monthly Analysis
In the last 30 days, VET increased by almost 40%. This increase was marked by a price of $0.15. Then, VET was followed by a price dip, going below $0.10 and entering a period of consolidation.
Weekly Analysis
Throughout the week, VET has been in consolidation. The recent price movement has shaped a triangle pattern. Such a pattern indicates that a potential breakout might occur, either upwards or downwards.
Daily Analysis
Over the last hours, VET has been fluctuating, indicating that the price is highly volatile and that there is uncertainty on whether the price may increase or decrease.
Key Structures
Support
- $0.097
Resistance
- $0.157
Indicators
Moving Average
Due to the recent price decline, the 20-day moving average is now above the price. This suggests that the short-term trend could now be downwards and that this MA line can act as resistance.
The 9-day EMA is much close to the price. If the price increases in the coming hours, then the EMA line might go below the price and act as support in the coming days.
Relative Strength Index
The RSI of a daily chart is fairly average. Being at around 50, this RSI suggests that the price of VET can either increase or decrease in the coming days and that the selling pressure between buyers and sellers is fairly neutral.
MACD
The signal line is above the MACD line, which is now headed below the baseline. This suggests that the momentum is bearish and that the price may keep decreasing in the coming days.
Fear & Greed
The fear and greed indicator suggests that the current dominating emotion in a daily chart is fear. If this continues, then VET may eventually reverse when greed takes over.
Fibonacci
The Fibonacci levels of the long run, where VET is in a descending channel, suggest that the 38.2% level has been penetrated and that the 61.8% level might be the next level tested if the price further increases.
In the shorter run, the Fibonacci retracement levels of the ascending channel suggest that the price is yet to retrace at the 61.8% level. If support is found there, then VET can soar upwards in the coming weeks.
Price Prediction VET – September 2021
Based on this technical analysis, we might see VET have a breakout upwards. The support levels are going to be crucial. If resistance is penetrated, then we might see the price of VET edge closer to $0.18. The short-term trend is still bullish for VET, even if the long-run trend suggests that the price might head downwards in the coming months.
Latest News for VET – Affecting Price
One reason that VET increased in the last month was the partnership with Simplex. This partnership enabled users to purchase VET with fiat currencies directly. This made VET much more accessible and increased the demand for trading VET.
Also read: VeChain (VET) Price Prediction – Will VeChain Reach $1?