VET Technical Analysis: Buyers Regain Power In The Market

The correction has been going on in the VET market for 5 months now. In general, sellers managed to lower the price by 75%. At the same time, aggressive and panic sales are not noticeable on the market. Calmly, systematically and with little force, sellers were able to correct the growth wave from November 2020 by more than 80%. Analyzing the trading volumes in recent weeks, no significant changes in the initiative of buyers have been identified. However, if you look closely at the nature of the price movement in the range of $0.055 – you can see the first signs of a probable reversal of the VET price. The $0.55 range has been a strong buyers’ support zone since May 2021. Between May 2021 and January 2022, buyers have maintained control over the range three times. https://www.tradingview.com/x/FjZdXJF5/ However, in mid-January, sellers managed to push the price below this mark. What happened as a result? Stop orders from buyers did not give impulse to continue the fall wave. The intensity of sellers’ pressure decreased. Using low volumes, buyers have begun to reverse the market and so far they are doing well. Based on these facts, we can conclude about the total weakness of sellers and insecurity of buyers. This is why we have low volatility in the potentially attractive price range of $0.055. To change the situation and start the active phase of VET growth, buyers need to test the mark of $0.08. By testing this liquidity rang...