VeChain (VET) has returned to the $ 0.076 horizontal support area and is likely to create a double bottom.

Vocational training is traded within a short-term descending parallel channel; an outbreak via this channel would confirm a double floor.

Vocational training is decreasing

Vocational education has been falling since it hit an all-time high of $ 0.279 on April 17th. On May 19, it hit a low of $ 0.052 and bounced back. The move up confirmed the USD 0.076 level as support.

On June 23, the token returned to the support area again, possibly creating a double floor pattern.

However, the technical indicators continue to decline. Although the MACD histogram produced a bullish divergence, it is still in negative territory. In addition, both the RSI and the stochastic oscillator are falling.

When an upward move occurs, the closest resistances are at $ 0.167-0.194, the Fib resistance levels at 0.5-0.618.

Daily VET / USDT Chart | Source: TradingView

Trader @CryptoMichNL has outlined a VET chart indicating that the current rally could result in significantly higher prices. When a raised floor is created, a real upward movement is possible.

Source: Twitter

Short-term channel Kênh

The shorter 2 hour chart shows VET trading within a descending parallel channel. This structure usually contains corrective movements.

In addition, both MACD and RSI are rising. The first indicator is positive while the second is above 50.

An eruption across the canal will go a long way towards confirming the possibility of a long-term raised floor.

VET / USDT 2-hour chart | Source: TradingView

Vocational training / BTC

VET / BTC has also been declining since April but is trading above the 215 Satoshi support area.

This zone is important as it previously served as the top in July 2020. As long as the pair is trading above this level, the trend can be viewed as bullish.

However, despite the bullish price movement, the technical indicators are falling. The RSI has just fallen below 50, the stochastic oscillator is about to make a bearish cross and the MACD is falling.

Weekly VET / BTC Chart | Source: TradingView

You can see the vocational training prices here.

Disclaimer of liability: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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