VET’s recent rally offered investors about 40% gains as it rose from $0.01543 to $0.02168. The rally saw VET reach the overbought zone, as evidenced by the Relative Strength Index hovering above 70. The overbought condition makes a trend reversal highly likely.
In addition, the On Balance Volume peaked and exhibited a downtick, showing trading volumes peaked and declined slightly. Therefore, VET could drop and retest the $0.02010 support or breach it and be held by $0.01950.How much is 1,10,100However, VET is still bullish and could attempt a break above $0.02082. If VET bulls overcome the hurdle, especially with a bullish BTC, they can focus on the overhead resistance at $0.02229. But such an upswing will invalidate the bearish bias described above.
Nevertheless, the Binance Funding Rate for the VET/USDT pair reduced sharply, indicating demand for VET reduced at the time of publication. The drop in demand could influence a bearish outlook on the asset if it continues in a few hours/days.Finally, VET had a hidden price/open interest divergence at press time, as VET made higher lows from 14 January, but open interest dropped sharply in the same period.
However, VET’s OI and volume could increase if BTC is bullish; thus, investors should track the King’s coin’s performance.Subscribe to get it daily in your inbox.