VET/USD Medium-term Trend: Ranging

Supply levels: $0.013, $0.014, $0.015
Demand levels: $0.010, $0.009, $0.008

VeChain was formerly moving within a ranging channel marked by $0.012 and $0.011 price levels. Over a week, the crypto has been traded within the Bollinger Bands. Between October 18 and 21, the crypto was featuring a confluence of Japanese candlesticks around the middle and the lower Bollinger Bands.

Today, the market appeared closer to the upper Bollinger Band but has now been pushed southward again against the 50-day SMA’s trend-line and the middle Bollinger Band to touch briefly past the lower Bollinger Band towards $0.011. The 50-day SMA is a bit above the middle Bollinger Band. The Stochastic Oscillators have penetrated into the oversold to probably denote oversold condition in the market and, it suggests that bulls may soon appear in the market.

About a few days until yesterday, VET/USD market was featuring lower highs within the confinement of the Bollinger Bands. The crypto faced an obstacle a bit below the $0.0125 price level hence, the market got pushed southwards past the Bollinger Band and the 50-day SMA.

Today, the crypto has been dropping towards $0.011 price level. Presently, price has been trying to move past below the level to possibly find another demand level. The 50-day SMA is located over the middle Bollinger Band. The Stochastic Oscillators have dipped into the oversold zone to signify that bearish market is gradually fading off in the market. Therefore, traders may stay around to consider placing a decent long entry of this crypto.

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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