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The optimistic attempt of buyers to break the shackles of the global triangle in the VET market ended in a bloody struggle between market participants. Over the course of 5 weeks, buyers systematically raised the VET price in order to fix above the orange trend line of the triangle. This trend line has been monitored by sellers since May 2021. Therefore, taking control of the $0.14 range would mean the end of a protracted correction in the VET market and the beginning of a new growth trend. This week, sellers managed to achieve their target, but they are not ready to give control over their territory so easily.
However, it should be understood that if the $0.14 mark is under the control of sellers, then the $0.12 mark is under buyers’ control. From mid-October, buyers confidently repel all attacks from the mark of $0.12. Therefore, the closing of the week above this mark will indicate the continuation of the growth trend with the first target of $0.23. Trading volumes during the local growth wave on 27 September are average and the current trading week is no exception. Therefore, globally, the forces of sellers are not enough to change the local trend.
Technical Analysis of VET in the Daily Timeframe
Analyzing the movement of the VET price in the daily timeframe, we can see that the attempt to break the orange line takes place at low volumes. On the one hand, this indicates a lack of initiative on the part of buyers. However, the attempt of sellers to regain control of the market starting from 26 October is also not particularly aggressive in terms of trading volumes. Locally, the VET price is moving peacefully in the growth channel.
Today, during the BTC price fall, VET sellers managed to test the bottom trend line of this channel. In addition, the importance of the $0.12 mark is clearly visible in the daily timeframe. It was this mark that kept the VET price from the beginning of September. Maintaining control over the mark during current sellers’ tests will preserve the global initiative of buyers and allow continued growth with the first local target of $0.155.
In history, we see that near the given mark, sellers have twice turned the VET price since June 2021. On 26 October, buyers only managed to get closer to the range of this mark. However, today, all VET investors have felt the counterattack of sellers.
The VETBTC Price Is on the Verge of a Global Wedge Breakdown
If you take a closer look, the downward trend in the VETBTC market has been going on since April 2021. Over the last few weeks, the price fall has been satisfied. Volatility has declined and the VETBTC market has begun to hint at a readiness to shoot up in the medium term. The critical point for this positive scenario is at 0.00000261. Above this mark, we will expect a sharp jump in price by 60%.
Therefore, while the VETBTC price is now in consolidation, you need to wait patiently to get out of the wedge. In case of breaking the mark 0.0000018 down, you should be ready for another wave of market fall to 0.000001. However, in the implementation of this scenario, it will be possible to buy more VET cryptocurrency at a good price and improve your average investment price.