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Last trading week on the VET market, buyers failed to make a qualitative breakthrough in their local growth trend. The weekly candle closed below the local high of the previous candle. However, the weekly candle trading volumes on 11 October were slightly higher than the volumes on 4 October. Despite the historical high update in the BTC market, the VET price is still neutral. Buyers this week are behaving quite passively, waiting for confirmation of the intentions of the BTC market.
The fact is that if the BTC price closes the trading week below $61,000, it could be a powerful signal to the entire cryptocurrency market about the beginning of the correction. In a recent BTC analysis on 18 October, we wrote about the importance of the $66,935 mark and the high probability of starting a correction from it. It is for this reason that the cryptocurrency market, including the VET price, reacts poorly to the aggressive growth of Bitcoin.
Technical Analysis of VET in the Daily Timeframe
Analyzing the daily chart of VET prices, we can see that the dynamics of growth fades in the range of $0.122-$0.125. Trading volumes are declining and price movements have moved into a consolidation wedge. While the VET price is below the red trend line, which sellers have been keeping since April 2021. Therefore, despite the positive background of the crypto market to buy VET while the price is in this price range is quite risky.
If buyers are unable to keep the price within the consolidation wedge, the VET cryptocurrency will fall sharply to the level of $0.09. Thus, to safely buy VET crypto, you need to wait for either a 20% fall in the market or a fixation of the price above the global trend line of sellers.
The VETBTC Price Is at the Last Critical Point of Buyers
Quite an intriguing position was taken by buyers in the VETBTC market. In the chart, we see that in mid-September, the price broke the global trend line, which buyers have been keeping since February. The price continued to fall without increased volumes and gradually approached the range of the previous historical high. So far, we do not see a brutal struggle and it is alarming. The range of 0.00000191-0.00000197 is the last liquidity zone from which buyers have a chance to start a new growth wave. Having lost its market, VET will go into a depressive correction for a long time. Therefore, if in the coming weeks we do not see a sharp rebound in the VETBTC price up, then the VET cryptocurrency will be in a bad situation.