The selloff had been triggered by a report from the US Labor Department (DOL) that revealed the US economy created 213K jobs in December, much higher than the 175K expected. The problem is that the additional jobs were overwhelmingly part of the low-paying service sector, and don’t change the fact that the US economy continues to be in the red zone. The share price of VeChain dropped as much as 3.5% today following the report, but the VET/USD pair remains stuck below the $0.1400 overhead resistance. What do you think?
VET/USD stuck below $0.1400 overhead resistance, will the bulls consolidate? Since last week, the VET/USD pair has been bouncing around the support at $0.1550 and resistance at $0.1600. It is currently making its way back to $0.1400, which is the resistance line of the upward channel.
After the recent strong rally in VET/USD, the digital currency climbed to the $0.1400, the 78.6% Fibonacci retracement level of the recent correction from $0.5860 to $0.1400. The recent rally has pushed VET/USD above the 50% Fibonacci retracement level of the recent decline from $0.7171 to $0.1400, and it currently appears to be in the process of testing the $0.1400 overhead resistance level.Summary of the situation
- Vechain opened the daily chart at $0.1102.
- More buyers will reverse the downtrend to $0.152.
- At the time of writing, the VET/USD pair is trading above the FIB correction level at 23.6%.
VET/USD price analysis: Price Overview
Vechain opened the trading session on the daily chart at $0.1102 after crossing the downtrend line at yesterday’s close. Today’s opening in early trading hours was slightly bullish until the bulls were rejected at $0.118, then declined and broke the lower line of the descending triangle at $0.110. The VET/USD trading pair is currently at an important inflection point, a difficult price zone for the bulls to overcome given the clearly defined resistance that lies at the bearish cross of the two key moving averages. The moving averages have already marked the death cross on the 24-hour chart for Vechain, and the only salvation is the arrival of excess buyers. More buyers will reverse the downtrend towards $0.152 and resume the upward momentum. Above this level, VET will break through resistance at $0.14 and test a higher top in the coming days. The bears at VET have already pushed the price to an intraday low of $0.105 on the 4-hour chart. Investors’ entry into the downside pushed the price into a rising channel with the rising wedge, but their efforts were interrupted by strong selling pressure at $0.112. At the time of writing, the VET/USD pair is trading above the 23.6% FIB correction level and the 25-day moving average is slightly below the current price area.
VET/USD price movement in the last 24 hours
The VET/USD pair started the day at the opening price of $0.1134 on the daily chart. The currency traded near an uptrend line in the early hours of trading, then moved into a downtrend channel and hit an intraday low of $0.1053. On the daily chart, the highest price was $0.1184. The range between the day’s lows and highs is narrow, indicating moderate volatility in today’s price action. VET will need support from the broader market to overcome the prevailing bearish momentum that began on the 23rd. May began after the altcoin hit a low of $0.14. This has led to the formation of psychological resistance at $0.15. Source : Tradeview
Price chart1Hour FEET/USD
At the time of writing, Vechain (VET) is trading at $0.1123 against the US dollar. Buyers are targeting upper resistance, above which they could also move back above the FIB expansion level at 23.6%. If they manage to gain enough ground, we can expect altcoin to gain traction and reach new highs in the next 24 hours. Source : Tradeview
The overall picture of the current vechain market is bearish, which seems to coincide with bitcoin’s downward correction to $33,000. Hopefully buyers can reverse the downtrend and head for resistance at $0.14. This will increase overall market optimism and provide additional strength for the next rally towards $0.200. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.The US Dollar is in a very peculiar spot right now, stuck beneath a corrective triangle pattern formed in February 2018. The current price action is not very encouraging for the bulls, who were hoping to test the all time high of $0.1400. It is very possible that we might see another test of the $0.1200 level, where the market may consolidate for another few weeks.. Read more about will vet reach $100 and let us know what you think.
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