- VeChain price finds buyers near $0.08.
- Extremely bearish Ichimoku signals could generate traps for bulls and bears.
- A possible intraday fakeout could drive VeChain lower.
Vechain price closed its Tuesday candlestick with some very bearish Ichimoku conditions. However, buyers have stepped in to support price, but there needs to be more conviction on the buy-side; prices are likely to continue south.
VeChain price finds short term support; buyers under threat of being trapped
VeChain price is in one of the most precarious conditions it’s been in since early June 2021. The Chikou Span closing below the Cloud is often the primary and final trigger to define when an instrument converts into a bear market. The Chikou Span closing below the Cloud occurred on the Tuesday candlestick close.
Some short-term support, however, has come in at the $0.08 level. The $0.08 level contains two robust Fibonacci levels: the 61.8% Fibonacci retracement and the 100% Fibonacci expansion. However, within the Ichimoku system, no support now exists on the daily chart. Thus, VeChain prices are likely to continue their road south.
The next area of support for VeChain price is the $0.06 level which contains the weekly Senkou Span A and the 161.8% Fibonacci expansion. A high-volume node in this value area will also yield some support near $0.06. Don’t be surprised if the $0.05 levels get a small test as well.
VET/USDT Daily Ichimoku Chart
If bulls want to invalidate the heavy bearish bias, they’ll need to push VeChain price to significant breakout levels. The first would be a clear close above the Tenkan-Sen and a return inside the Cloud to hold Senkou Span B support ($0.10). Beyond that, bulls ultimately need to close VeChain price and the Chikou Span above the Cloud near the $0.13 value area.
Like this article? Help us with some feedback by answering this survey:
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback
Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead.
GIGA investor loses $6M to phishing scam via fake Zoom link
On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show
Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.
BNB: Bullish technical pattern validated, eyes all-time high
Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.