VET buyers from February 28th managed to build quite a beautiful wave of growth. On the 6 hour timeframe, we see how the VETUSDT price clearly moved within the channel and did not go below the white trend line.
However, on March 22, sellers managed to break through this trend line and test the important price range of $0.08-0.083. The break of the trend line, which the buyers had been holding for almost a month, did not cause panic in the VET market. An important fact is that the VET price has gone beyond the global trendline that sellers have successfully held from November 2019: The acceleration in growth demonstrates the strength of the trend and a promising future for the VET market. The current wave of growth, which began in November 2020, is still incomplete and we expect the growth to continue to $0.123. The first problem on the way to this target is the mark of $0.093. A local rebound is possible from this range. Therefore, it is worth looking at how buyers react to this.
The local breaking point for this scenario is the range of $0.08-0.083. The loss of this mark will continue the correction, however, it will not cancel the scenario of continued growth.
The global critical point is at $0.68. What do you think about the VET market? Write your thoughts in the comments. Successful trading!
Great analysis. Little bit of confusion with the decimals. By $1.3, I am assuming you meant $.13 and by $.68, I would again assume you meant $.68. Enjoyed the analysis overall. Great job!