Bulls may dominate VeChain market soon
VeChain Price Analysis – October 20
When VeChain break up $0.022 level, it may increase to $0.023, and $0.025 resistance levels. The closing of the daily bearish candle below $0.021 level may reduce the price to $0.020 and $0.019 levels.
VET Price Analysis – October 20
Resistance levels: $0.022, $0.023, $0.025
Support levels: $0.021, $0.020, $0.019
VET/USD Long-term Trend: Ranging
VeChain is on the ranging movement in the daily chart. When the price found support at $0.021 on 21 September, the sellers’ momentum reduced and could not place the price below the $0.021 level. Buyers made several attempt to push the price above the resistance level of $0.022 but due to low pressure, it pulled back. Since then, VeChain has been on a ranging movement between the levels mentioned above.
On the daily chart, VET/USD is trading over and around the two EMAs. The 9 periods EMA is interlocked with the 21 periods EMA. When VeChain break up $0.022 level, it may increase to $0.023, and $0.025 resistance levels. The closing of the daily bearish candle below $0.021 level may reduce the price to $0.020 and $0.019 levels. The relative strength index period 14 is at 42 level pointing downside to indicate sell signal.
VET/USD Medium-term Trend: Ranging
VeChain is ranging in the medium time frame. The momentum of the buyers remain low, likewise, the pressure of the sellers is not enough to propel the price far towards south level. The price continue a ranging movement within the resistance level of $0.022 and the support level of $0.021. This may continue until buyers or sellers gain enough momentum to drive the market.
VeChain is hovering on the two EMAs and the two are interlocked as a sign of ranging market. The Relative Strength Index period 14 indicator is not displaying a specific market direction.