Current Price: $0.063
Market Context: $VET is trading within a consolidation range after a period of strong volatility.
Key Support and Resistance Levels:
1. Support Levels:
• $0.060: Immediate local support, where buyers have previously stepped in.
• $0.055: Secondary support, aligning with a recent consolidation zone.
2. Resistance Levels:
• $0.065: Immediate resistance from a previous rejection.
• $0.070: Major resistance where VET has struggled to break above in recent months.
Indicators:
1. Relative Strength Index (RSI):
• Current RSI is around 50-55 (neutral territory), indicating no overbought or oversold conditions.
• A move above 60 could signal strengthening bullish momentum.
2. Moving Averages:
• 50-period SMA: The price is above the 50-period SMA, which is a bullish sign for short-term traders.
• 200-period SMA: The price has also broken above the 200-period SMA, confirming the start of a potential longer-term uptrend.
3. MACD:
• The MACD line is crossing above the signal line, which is a bullish signal for momentum traders.
Key Observations:
• VET is currently in a range-bound phase, with a bias toward bullish continuation if it breaks the $0.065 resistance.
• Failure to hold above $0.060 could lead to a retest of $0.055 support.
• A breakout above $0.065 could push VET toward $0.070–$0.075 in the near term.
Conclusion:
The current price action is consolidating below resistance at $0.065. Watch for a decisive breakout above this level for further bullish confirmation. If the price retraces, $0.060 and $0.055 will act as strong support zones.
