Disclaimer: The information presented does not constitute financial, investment, trading or other types of advice and is the opinion of the author only
- The vocational training market may weaken and extend its downward trend.
- Development activity and open interest rates decreased.
Fitchin [VET] Bullish momentum slowed towards the end of the week (mid-January). It touched as high as $0.02163 before bears pushed it into a short-term range.
At press time, VET is trading at $0.02058 after retesting the immediate support guaranteed by the bulls at $0.02010.
However, the VET’s overbought condition may allow a retest of support above or a breach below it. This downward move could see short traders take advantage of shorting opportunities at these levels.
Read Fitchin [VET] predict the price 2023-24
$0.02010 Support: Is a Retest Possible?
The recent rally in VET provided investors with around 40% gains as it rose from $0.01543 to $0.02168. The rally has seen vocational education reach overbought territory as evidenced by the Relative Strength Index (RSI) hovering above 70. The overbought condition makes a trend reversal very likely.
In addition, the trading volume on the balance (OBV) peaked and showed a decline, which indicates that trading volumes have peaked and decreased slightly. Therefore, VET could drop and retest the $0.02010 support or break it and hold it at $0.01950.
These two levels can provide short selling opportunities for shorter traders if the trade weakens.
How much is 1,10,100 Vocational training worth today?
However, the technical indicator is still bullish and might try to break above $0.02082. If the VET bulls overcome the hurdle, especially with the bullish BTC, they can focus on the overhead resistance at $0.02229. But such a rally would negate the bearish bias described above.
VET development activity and open interest decreased
Vocational training has noted an increase in development activity since the beginning of the year. However, development activity has leveled off and is down slightly at the time of writing. However, investors’ view of the asset remained bullish, as evidenced by the positive weighted sentiment.
However, Binance’s funding rate for the VET/USDT pair has dropped sharply, indicating lower demand for VET at press time. A drop in demand may affect a bearish view of supply if it continues in a few hours/days.
Finally, the VET had a hidden divergence in price/open interest (OI) at the time of publication, with the VET hitting lows from Jan. 14, but open interest has fallen sharply over the same period. It shows that the bullish momentum may slow down and reverse as more money flows out of the VET futures market.
But OI and VET volume may increase if BTC is bullish; Therefore, investors should keep track of the performance of King Coin.