VeChain VET price made it out of the storm in a decent technical position. Markets got caught in a two-day spiral of risk-off and crypto saw a negative return. Now it is time to look upward again, with Crypto markets back to risk-on today.
VeChain price was no different from other cryptocurrency and risk assets after publishing the Fed Minutes past Wednesday. Markets went for two consecutive days of red prints. But VET price held very solid its price action and looks to come out of the correction relatively unharmed.
The dip yesterday made buyers go in on VeChain at a price of $0.0725, where a technical bounce off the orange descending trendline level that goes back to the beginning of June took place. Buyers paired the losses, and the next four-hour candle even closed above the price of $0.0737, which acted as an intermediate support.
Add that the RSI dipped briefly below 35, and thus in the oversold territory, and buyers could not resist picking up some VeChain VET tokens.
Target to the upside would be the 55-four hour Simple Moving Average that has put a cap on price action since July 7.
VeChain VET price proves that technicals and fundamentals are essential to look at, and the fact that they can withstand a sell-off, as we’ve seen the last two days, proves that buying and interest are still there. So, VeChain VET looks bright and ready for some upside.
Should markets roll over again further today or this weekend, look for $0.07 level as psychological level and $0.065 as first support. VeChain VET price action to the downside will be limited with RSI by then in oversold territory. So, sellers will look to cover their positions earlier than that.
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