VET Technical Analysis: EMAs Bring Another Bearish Trend

VET coin price experiences a sharp increase in selling activity after the 50-day EMA retest. Will the downtrend reach the $0.044 mark? Key technical points: The MACD and signal lines continue a downtrend below the zero line. The VET coin price has descended by 25% within two weeks. Finally, the 24-hour trading volume of VET is $220 Million, marking a 25% rise. Past Performance of VET VET coin price fell by 33% in the past three weeks after facing immense supply pressure at the $0.085 mark resulting in fallout of multiple support levels. The altcoin failed to sustain above the 200-day EMA resulting in a fall under the 50-day EMA. The downtrend retests the 50-day EMA to continue the downtrend and approach the $0.055 level. Source-Tradingview VET Technical Analysis VET coin price action shows a breakout of the low formed at the $0.057 mark indicating a potential downtrend continuation to $0.044. However, safe traders might want to wait till the price crosses the $0.055 to avoid speculative risk. A grouping of EMAs (20, 50, 100, and 200) keeps a bearish pattern on the daily chart, including the 50-day EMA acting as dynamic resistance, forcing the price down. Hence, the 50-day EMA plays a crucial role in sabotaging bullish growth. RSI Indicator: The RSI slope demonstrates the continuation of the downtrend after the fall from the overbought zone and succumbing under the halfway point. Additionally, due to the declining 14-day SMA, t...