VET/USD Medium-term Trend: Bearish

Supply levels: $0.0044, $0.0048, $0.0052
Demand levels: $0.0032, $0.0028, $0.0024

There has been a feebly declining style in the market valuation of the VET/USD over a couple of weeks. The choppy price movements are usually being observed within a range before stylishly trending southwards with a weak force mostly.

The crypto had broken the 50-day SMA’s trend-line on December 3 to continually pressing downwards further in that style. On December 9; the starting day of trade this week, the crypto briefly strived to make a touch against the upper Bollinger Band a bit below the $0.0044 mark. Thereafter, the market has been falling southwards slowly and steadily until now. The Stochastic Oscillators have dipped into the oversold zone.

The VET/USD market valuation may soon be facing a consolidation move which may probably bring about more declining movements or lower lows in the next trading sessions.

As at the beginning of trading today, the VET/USD market saw a line of lower highs to the point of touching the 50-day SMA from below around $0.39 mark. About a few hours until now, the crypto has been stumbling southward.

Yesterday, the crypto basically featured a degree of lower lows and lower highs within a range. Price has been trading around the lower Bollinger Band trying to push southward further. The 50-day SMA and the upper Bollinger Band are currently occupying a close location on the chart. The Stochastic Oscillators have joined together at around range 25. That could as well turn out as a consolidation movement.

There still appears that the bearish trend is much stronger than talking about bulls’ possibility of coming back strongly into the VET/USD trade for now.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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