Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

VeChain Technicals Spell Trouble For The Bulls

By Crypto Briefing (Ali Martinez )CryptocurrencyMar 31, 2021 01:14AM ET
www.investing.com/analysis/vechain-technicals-spell-trouble-for-the-bulls-200570464
VeChain Technicals Spell Trouble For The Bulls
By Crypto Briefing (Ali Martinez )   |  Mar 31, 2021 01:14AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

VeChain (VET) is trading at extreme overbought conditions, indicating that a correction is near.

Key Takeaways

  • VeChain is down over 10% from its recent high of nearly $0.10.
  • The price action seen since the beginning of the year suggests that VET is poised to retrace to $0.06 before it bounces back.
  • A technical indicator further validates the pessimistic scenario.

A crucial resistance level has rejected VeChain’s uptrend. Now, VET seems primed for further losses as several sell signals pop up.

VeChain Flashes Multiple Sell Signals

VeChain posted massive gains throughout March, rising by nearly 150%. The coin opened the monthly trading session at a low of $0.04 and surged to a new high of nearly $0.10 on Mar. 22.

A wave of profit-taking hit VET after the peak, pushing its market value down by more than 23%. Although prices have partially recovered, the 20th-largest cryptocurrency by market capitalization could be bound for further losses.

VET has been contained within an ascending parallel channel since December 2020. Each time VET has risen to the channel’s upper boundary since then, a rejection occurs that pushes prices to the lower edge. From this point, it tends to rebound.

If this price action repeats, the recent rejection from the resistance trendline might be significant enough to push VeChain towards the channel’s lower boundary at $0.06 before it bounces back.

VET/USD Daily Chart
VET/USD Daily Chart

The Tom DeMark (TD) Sequential indicator adds credence to the pessimistic outlook. This technical index presented sell signals in the form of nine green candlesticks on both the weekly and 3-day charts.

The bearish formations forecast that VeChain will retrace for one to four candlesticks before the uptrend resumes.

VET/USD Weekly Chart
VET/USD Weekly Chart

Despite the grim worst-case scenario, the cryptocurrency market’s unpredictability means a bullish market outlook is not out of the question. Bull investors push VeChain above the recent high of nearly $0.10 to avoid incurring further losses.

Such an upswing would likely generate FOMO among market participants as VET will be entering into price discovery mode. Under such unique circumstances, this cryptocurrency could advance towards $0.11 or even $0.12.

Original Post

VeChain Technicals Spell Trouble For The Bulls
 

Related Articles

Jason Sen
Cryptocurrency Forecast By Jason Sen - Sep 17, 2021

Bitcoin edges higher through first resistance at 47000/47500 for a more positive outlook…as long as we hold above here this weekend. Ripple stable and holding first resistance at...

Gregor Horvat
EOS/USD: Be Aware Of Reversal Down By Gregor Horvat - Sep 17, 2021 1

As per Elliott Wave analysis, EOS/USD is similar as other cryptocurrencies, where we are tracking a minimum three-wave A/1-B/2-C/3 reversal down, so current a-b-c recovery should...

VeChain Technicals Spell Trouble For The Bulls

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Michael Davino
MichaelDavino May 02, 2021 6:21PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
ouch
good manners
good manners Apr 24, 2021 3:45PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
um good call - lol
James Pattison
James Pattison Apr 22, 2021 12:33AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Techincals in crypto? Never go full rtard...
roberto corsini
roberto corsini Apr 14, 2021 4:29AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Complimenti !! E' andata proprio così !!
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email