technical analysis and trade signals for $VET /USDT based on the current price and market data.
Technical Analysis for VET/USDT:
Current Price: $0.06308
24h High: $0.07209
24h Low: $0.04967
Support Level: $0.050 (around the 24h Low)
Resistance Level: $0.072 (around the 24h High)
Trend Overview:
VET/USDT is currently in a bullish trend with a +26.92% increase in the last 24 hours.
The price action suggests strong upward momentum as it approaches the $0.072 resistance level, breaking out of a consolidation phase.
RSI (Relative Strength Index) is at an elevated level, possibly indicating overbought conditions. Watch for any pullback before further bullish action.
Trade Signals:
1. Buy Signal:
Entry: $0.0630 (current price)
Target 1 (T1): $0.070 (First Resistance Target)
Target 2 (T2): $0.075 (Next Resistance Zone)
Target 3 (T3): $0.080 (Long-term Target if the bullish trend continues)
Stop Loss: $0.058 (below the support level)
2. Short Signal (if price fails to break resistance):
Entry: $0.072 (if price shows signs of rejection)
Target 1 (T1): $0.065 (pullback to current support)
Target 2 (T2): $0.060 (lower support level)
Stop Loss: $0.075 (above resistance)
Trade Momentum:
Bullish Momentum: The price has shown strong upward movement, supported by high trading volume (5.53B VET), suggesting continued bullish sentiment. Buyers are in control in the short term.
Bearish Reversal Watch: If the price fails to break above $0.072, there might be a consolidation or pullback. Watch for signals of a reversal like a bearish engulfing candle or a drop in volume.
Recommendation: Given the strong upward momentum, it's favorable to buy on dips around the support levels and target the resistance levels at $0.070, $0.075, and $0.080. Keep a tight stop loss in case the market reverses.