Hey, friends hope you are well and welcome the new update on Vechain coin.
On long term weekly chart the priceline is retraced between 0.50 to 0.618 Fibonacci retracement. Before this correction the price action of VET broke out Ichimoku cloud with powerful bullish rally. Now it is retesting the 25 SMA as well.
On daily time period chart the priceline is moving in falling wedge pattern Vechain. Recently price action is rejected by resistance of wedge and moving down. The volume profile is showing weak interest of traders at the support of wedge pattern. The moon phases indicator is also showing new full moon above the resistance. Therefore there are chances of breakout after a correction.
On daily chart the EMA 10 and 20 are in bear cross. The stochastic and macd are weak bullish. When all three indicators will turn bullish then we can expect another rally to the upside.
The pricline is likely to move down to re-rest support at $0.011. The next resistance levels are $ 0.015, $ 0.018 and $ 0.021 respectively.
Conclusion:
The priceline is moving down after rejection by the resistance of wedge. But before support of the wedge we also have strong support of $0.011. Therefore the priceline can retest this support and start the next rally for an attempt to break out from the resistance of the wedge.
On long term weekly chart the priceline is retraced between 0.50 to 0.618 Fibonacci retracement. Before this correction the price action of VET broke out Ichimoku cloud with powerful bullish rally. Now it is retesting the 25 SMA as well.
On daily time period chart the priceline is moving in falling wedge pattern Vechain. Recently price action is rejected by resistance of wedge and moving down. The volume profile is showing weak interest of traders at the support of wedge pattern. The moon phases indicator is also showing new full moon above the resistance. Therefore there are chances of breakout after a correction.
On daily chart the EMA 10 and 20 are in bear cross. The stochastic and macd are weak bullish. When all three indicators will turn bullish then we can expect another rally to the upside.
The pricline is likely to move down to re-rest support at $0.011. The next resistance levels are $ 0.015, $ 0.018 and $ 0.021 respectively.
Conclusion:
The priceline is moving down after rejection by the resistance of wedge. But before support of the wedge we also have strong support of $0.011. Therefore the priceline can retest this support and start the next rally for an attempt to break out from the resistance of the wedge.
