Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only
- Risk averse professional investors might consider profit taking at $0.01775
- A break below $0.01563 could negate the bullish bias
Fitchin [VET] It has been under massive selling pressure for the past 5 days, which has broken some support levels. However, the bulls found a stable area at $0.01582 and started to recover the prices.
At press time, VET was trading at $0.01647, up more than 4%, as demand increased at discount prices. If the buying pressure persists, VET could move towards the main supply area and the resistance around the 100% Fibonacci level of $0.01965.
Read VeChain [VET] Price forecast 2023-2024
But before that happens, the bulls have to overcome some hurdles, including the former support-turned-resistance level at $0.01775. Do they have enough support to deal with this?
Can the VET bulls reach the 100% Fibonacci level?
The VET bulls are very supported to reach the key supply area around the 100% Fibonacci level. For example, the Relative Strength Index (RSI) posted a sharp rally after pulling back from the oversold area. This indicates that the buying pressure has increased sharply. Thus, buyers gained more influence in the market.
Off balance trading volume (OBV), which has been declining recently, has also seen an increase. This showed increased trading volume as the overall buying pressure increased. If this trend continues, the VET could be on its way to reach its profit target in the supply area around $0.01965.
But there are many hurdles along the way that the vocational education bulls have to overcome. Risk averse investors can take profits at the immediate key resistance at $0.01775. A break below $0.01563 will negate the aforementioned bullish bias and likely push the VET to a new support at $0.01469.
Vocational training noted increased development activity
Vocational education and training development activities continued to pick up since December 12th. This showed that developers were investing heavily in the blockchain, improving its future prospects.
Although VET development activity has affected the price in the past, the recent increase has not reflected anything as the price has fallen as development activity has increased.
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However, the recent rebound in development activity was also accompanied by a weighted sentiment improvement. This has shown to boost investor confidence.
Unfortunately, there was a sharp drop in development activity on December 20th, which sent weighted sentiment dipping into negative territory. Could these conditions undermine the current uptrend?