(VET) has been rising since July 20 but failed to break above the $0.142 resistance level. The Sponsored
has fallen below a short-term rising support line and is currently trying to find support.
VET is trying to break out
VET has been moving up since July 20 when it hit a low of $0.056. The upward movement continued until August 16, after which the token
managed to peak at $0.144. Sponsored Sponsored
However, it failed to break out and instead was rejected by the $0.142 resistance area. As a result, it has been falling ever since.
Moreover, the MACD
given a bearish reversal signal and the RSI
is falling, although it is still above 50. Chart by TradingView
The shorter-term six-hour chart shows that VET has broken out of the rising support line that has existed since July 20. This could mean that the short-term upward move has ended.
If so, VET is expected to fall towards the nearest support area at $0.1. This is the Fib 0.5 support level and also a horizontal support area.
Number of waves
presented a chart of VET, claiming that the token has completed wave four and has now started the fifth and final wave towards a new ATH. <img alt=” src=”image/svg+xml;base64,PHN2ZyBoZWlnaHQ9Jzg0MCcgd2lkdGg9JzE2MjUnIHhtbG5zPSdodHRwOi8vd3d3LnczLm9yZy8yMDAwL3N2ZycgdmVyc2lvbj0nMS4xJy8+” />Source: Twitter
Longer term, the two most likely targets for the top of the fifth wave are $0.34 and $0.53. The former is a projection of wave lengths 1-3 on the bottom of the fourth wave (white) and using the outer retracement on the same fourth wave (black). The latter is 1.61 of wave length 1-3.
A drop below the July 20 low of $0.0056 would invalidate this particular wave count.
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