over the last five months is that VeChain (VET) has Seen SP
The price structure exhibited that in the VeChain (VET) price an upward trend was witnessed from the end of the week of October 2023. It built higher high peaks and lows until reaching the supply level at $0.0549.
The price made three unsuccessful attempts to surpass the resistance at the supply level but failed as bears pushed it toward the downward side. The VET price gradually plunged and later developed its support at $0.03324 by mid-May 2024, but that too failed. The dominance of bears led it toward the initial demand zone by August 5th.
What has been observed over the last five months is that VeChain (VET) has experienced persistent selling pressure, resulting in a 55% drop in its price. This sustained downtrend has created a dynamic falling wedge trendline, underscoring a prevailing bearish sentiment in the market. A crucial level to monitor is $0.033, which represents a significant juncture for traders.
Despite these obstacles, VET recently attempted a breakout after a liquidity grab on August 5th, 2024, but the $0.02395 looms as a strong hurdle. The coinciding declining wedge's upper border and 50-day EMA band resistance could lead towards more downward pressure.
The price made three unsuccessful attempts to surpass the resistance at the supply level but failed as bears pushed it toward the downward side. The VET price gradually plunged and later developed its support at $0.03324 by mid-May 2024, but that too failed. The dominance of bears led it toward the initial demand zone by August 5th.
What has been observed over the last five months is that VeChain (VET) has experienced persistent selling pressure, resulting in a 55% drop in its price. This sustained downtrend has created a dynamic falling wedge trendline, underscoring a prevailing bearish sentiment in the market. A crucial level to monitor is $0.033, which represents a significant juncture for traders.
Despite these obstacles, VET recently attempted a breakout after a liquidity grab on August 5th, 2024, but the $0.02395 looms as a strong hurdle. The coinciding declining wedge's upper border and 50-day EMA band resistance could lead towards more downward pressure.
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