VET has a short-term outlook, with the cryptocurrency now trading below its 200-period moving average on the four-hour time frame.
The four-hour time frame is also showing that a large pattern is starting to take shape. Bulls need to move price above the April 19th swing-high to invalidate the .
Technical indicators on the four-hour time frame have turned and signal a potential upside.
Traders should note that the VET / USD pair will fall towards its current 2019 trading low if the pattern is triggered.
Relative Strength Index
The indicator on the four-hour time frame is and is showing scope for future upside.
The indicator on the four-hour time frame is currently , with the signal line and histogram both generating strong buy signals.
VET has been up for the past several weeks with some positive news. During the VET Summit in San Francisco, the company has announced that it is working with BMW on building the VerifyCar app which addresses the mileage fraud problem present in one-third of vehicles in Germany. Deloitte has also announced that it will develop a blockchain solution based on VEThor and migrate from the Ethereum network.
VET / USD Medium-term price analysis
VET has a medium-term trading outlook, with the VET / USD pair still trading above its trend-defining 200-day moving average.
The daily time frame is showing that the VET / USD pair has started to come under technical selling pressure after price fell below key support.
Technical indicators on the daily time frame are attempting to correct higher following the recent decline in the VET / USD pair.
VET / USD by TradingView
Traders should note that a valid pattern is also present on the daily time frame.
Relative Strength Index
The indicator on the daily time frame has started to turn and shows scope for further upside.
The indicator is neutral on the daily time frame, with the indicating currently failing to generate a clear trading signal.
VET has shown strong fundamentals at the beginning of 2019 which should positively affect the adoption of its network. The team continues to develop strong partnerships and is starting to present working products that utilize its blockchain. These factors should help the project to grow in the medium-term.
VET is attempting to recover higher after relinquishing a portion of its recent gains. Short-term bulls will need to work hard to negate the on the four-hour time frame, while the daily time frame is showing that buyers must move price above key resistance or downside pressures could return.