Lorenzo Stroe
Independent Analyst
- Vechain price is on the verge of losing a critical support level.
- A buy signal was presented by an indicator on the 4-hour chart which gives the bulls better odds.
Vechain price peaked at $0.032 on January 6 and has been under consolidation since then dropping to a low of $0.0245. Bulls need to defend a critical support area to avoid a massive Vechain sell-off.
Vechain price could resume uptrend but needs to stay above this level
On the 4-hour chart, the digital asset has dipped to a low of $0.0245 and it seems bulls have defended this level again in the past four hours establishing a higher low at $0.0255.
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VET/USD 4-hour chart
The TD Sequential indicator has also just presented a buy signal on the 4-hour chart which gives the bulls good odds of defending the massive support area between $0.026 and $0.017.
-637457413419969877.png)
VET GIOM
According to the Global In/Out of the Money (GIOM) chart, the area between $0.026 and $0.017 is a crucial point as there is very little support below this range down to practically $0. Bulls must absolutely defend this area for the potential to re-test $0.032.
Falling below this critical support area can be devastating for Vechain. Bears will initially target $0.019 as it is a support trendline on the 4-hour chart, followed by $0.014 which is the lowest support point.
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