VET Technical Analysis: Halt at $0.045 Brings Reversal Spot

VET prices halted the correction rally at the $0.045 horizontal level after a correction of 45% last month. Will this halt mark a bullish reversal spot? Key technical points: VET prices show a sideways trend above the $0.045 mark. The MACD indicator shows a decrease in bearish spread. The 24-hour trading volume of Vechain is $226 Million, marking a 13% rise. Past Performance of VET VET token price shows a correction rally starting from the $0.085 level resulting in a fall below all the crucial daily EMAs and breaking the psychological mark of $0.050 within a month. The downfall accounts for deflation of 45% before taking a halt at $0.045, resulting in a short consolidation. Source-Tradingview VET Technical Analysis The VET coin price action shows a high likelihood of buyers regaining the $0.050 threshold as the $0.045 support level has pushed the price higher multiple times. Therefore, considering the prior successful bullish reversal attempts, buyers can find an excellent risk to reward ratio at the current market price. The crucial daily EMAs showcase a bearish alignment with a falling trend, gradually gaining bearish momentum while failing to provide dynamic resistance. However, the EMAs fail to provide significant resistance other than the 50-day EMA. The RSI slope indicates a reversal trend from the oversold zone turning sideways under the 14-day SMA influence. However, the slope has enormous potential and space for a bul...