VET Recovery to $0.13 Is Critical for VeChain Bullish Market

• VeChain’s price still struggles after the latest flash crash.
• The altcoin has chances to switch into a bearish market territory.
• Meanwhile, VeChain has a slight probability of denying bearish control.

VeChain (VET) has recovered about 40% of its losses acquired since the last Saturday’s flash crash. A massive recovery appeared possible. However, the latest price actions indicate altcoin’s struggles to surge, and bulls might be losing steam.

VeChain Price Should Reclaim $0.13 to Avoid More Bearishness

VeChain has experienced struggles since Saturday’s sell-off. Though the altcoin recovered from the $0.07 low to $0.095, bulls seem to display little momentum to maintain VeChain’s uptrends. For now, VET’s governing short-term resistance around the Tenkan-Sen of $0.098. The Tenkan-Sen has halted the prevailing daily candles.

Meanwhile, bulls have to reclaim and hold the value area at $0.13. With that, VeChain can see its price moving beyond the Kijun-Sen, Tenkan-Sen, 2021 Volume Control Point, and 38.2% FIB retracement. VeChain’s only resistances to the way up are Senkou Span B and Senkou Span B.

Failure to reclaim the levels past the Tenkan-Sen may catalyze renewed selling momentum as buyers find better opportunities, abandon their positions, or new short-sellers. In such a case, VET can drop to retest 61.8% FIB retracement near $0.082.

Nevertheless, the daily oscillators might prevent short-term selling strength. As the Relative Strength Index (RSI) stays in bearish market conditions, it indicates signals to hold support around the initial oversold mark at 30. Moreover, the Composite Index and candle chart show a visible bullish divergence.

Lastly, the Optex Bands display massively oversold conditions and transitions higher, giving VET bulls concrete pressure. Meanwhile, a close under $0.08 can catalyze a steep flash crash towards the value area of $0.03.

For now, Vechain’s bullish recovery depends on when the altcoin will reclaim the $0.13 mark. However, the alternative coin will encounter several obstacles in its upswings. Though the coin depicted massive recovery cases early on, the latest price movements seem to discourage bulls. However, let us see where VET will head with the looming bearish shift.

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The post VET Recovery to $0.13 Is Critical for VeChain Bullish Market appeared first on CryptocyNews.com.

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