VET/USD Medium-term Trend: Bearish Supply levels: $0.0065, $0.007, $0.0075 Demand levels: $0.004, $0.0035, $0.0030

A major spike occurred on December 17 during which virtually all the cryptocurrencies saw a significant rise in their market valuation, so also the case with the VET/USD market. The crypto lost its momentum after briefly touched past $0.0055 on Dec. 24.

The US dollar took up the market driving advantage towards the end of trading sessions yesterday as the price line was drawn southwards to the Bollinger Middle Band location. Today, the market has witnessed a further slump to find a demand level around the 50-day SMA. The 50-day SMA is closely located over the Bollinger Lower Band. The Stochastic Oscillators have freshly dipped into the oversold zone.

At this point in time, traders may watch out for a good buy set-up while investors may as well come into the market right now.

Yesterday, VET started falling against the US dollar after averaging a high value of around $0.0056. Before the end of yesterday’s trading activities, the crypto got push slightly southward to range below the 50-day SMA.

Furthermore, today, the US dollar still forces the market to obtain a low mark briefly below $0.0046. Presently, there have a great number of lower lows and low highs around $0.0046 and $0.0044 marks below the Bollinger Middle Band. The 50-day SMA is located over the Bollinger Middle Band. The Stochastic Oscillators are currently consolidating within the oversold zone.

Traders are enjoined to be on the lookout for a strong price action that will be in favor of a swing uptrend to consider joining the market.

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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