The VeChain price made up for about 40% of its losses from last Saturday’s flash crash. The latest price action shows that VET has struggled to move up and the bulls may lose confidence.

Vocational training must be $ 0.13. get back

Vocational training has had a hard time since the sale on Saturday. Although the bulls bounced back to $ 0.095 from $ 0.07, the bulls are relatively tepid with little pressure to hold the current range. Tenkan-sen at $ 0.098 is currently the main short-term resistance. The current Sunday, Monday and daily candlesticks have all been blocked by Tenkan-Sen.

The bulls need to push the price up and keep it above $ 0.13. Then VET will fluctuate above the Tenkan-Sen, Kijun-Sen, the 2021 volume control point and the 38.2% fib retracement level. The only two resistance levels are Senkou Span A and Senkou Span B.

If Tenkan-Sen is not moved and held, there could be renewed selling pressure in the form of new short sellers or buyers abandoning their positions. If so, VeChain is likely to fall to retest the 61.8% fib retracement level at $ 0.082.

VET / USDT daily Ichimoku chart.

However, the daily oscillators could ward off short-term selling pressures. While the Relative Strength Index (RSI) is in bearish territory, it is showing some signs of sustained support at the initial oversold level of 30. Additionally, a bullish divergence is currently emerging between the candlestick chart and the composite index. After all, Optex tapes that have been in extreme oversold conditions are now moving up, adding some positive pressure to the bulls.

Any closing price below $ 0.08 is likely to cause a flash crash into the $ 0.03 area.

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