VET/USD Medium-term Trend: Ranging

Supply levels: $0.006, $0.007, $0.008
Demand levels: $0.004, $0.003, $0.002

The lately bearish trend has led the VET/USD market valuation southwards to test the $0.004 price level on November 25. The middle Bollinger Band was slightly breached northwards yesterday to eventually touch the upper Bollinger Band today.

The upper Bollinger Band has been stretching northwards against both the $0.005 mark and the 50-day SMA. Price has been hovering around the $0.005 level a bit underneath the 50-day SMA. The Bollinger Bands are located within a range of the $0.005 and the $0.004 horizontal price levels. The Stochastic Oscillators have freshly dipped into the overbought zone.

The crypto may still have to be brushed southwards to allow a strong foundation for a potential bullish market to play out especially while the $0.004 market low remains unbroken southwards further.

The market of VET/USD sprang up towards the 50-day SMA on November 25 while it dropped briefly below the $0.004 mark. It lost the strength to get past the 50-day SMA’s trend-line; hence the crypto was dragged southwards to find a rejection point at $0.0042 level.

Yesterday, the crypto slowly dragged northward past the 50-day SMA’s trend-line to touch the upper Bollinger Band at $0.0046 market level. Today, the crypto has continued to pick up on a rising mode along with the stretching of the upper Bollinger Band northward. The Stochastic oscillators have dipped into the overbought zone to consolidate within it.

A breakdown of the $0.0046 mark could cause a revisit of levels around the last market low point of $0.004.

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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