$VET VET Warning Signs ๐จ๐ | Double Top Pattern Signals Potential Reversal โ ๏ธ๐ป
๐ VeChain is showing caution on the charts as a classic double top pattern emerges โ a bearish reversal signal that traders shouldnโt ignore ๐๐. After reaching resistance twice, the market is struggling to break higher, hinting at possible downside ahead.
๐ The RSI is dropping from overbought territory, signaling weakening momentum and growing selling pressure ๐๐โก๏ธ๐. Meanwhile, the MACD lines are converging for a bearish crossover, confirming the shift in control toward the bears ๐ปโก.
๐ฅ Volume spikes on the declines are significant, suggesting that sellers are gaining strength and buyers are stepping back ๐ฅ๐ด. This increased sell pressure around the resistance zone could push price lower if confirmed.
๐ฆ On-chain data supports this caution: exchange balances are rising, indicating holders may be moving tokens onto exchanges to sell ๐๐ฆ. Additionally, wallet growth is slowing, while whale activity hints at distribution rather than accumulation ๐๐.
๐ฃ๏ธ Social sentiment is turning cautious with less bullish chatter and more discussions about potential retracements ๐๐ฌ. Traders are advised to stay alert and watch for confirmation of a breakdown below key support levels.
โ ๏ธ While the double top signals risk, itโs crucial to manage your risk and not panic sell prematurely. Wait for clear confirmations before making moves โ๏ธ๐ง .
โณ If the support breaks, VET could see deeper downside, but a bounce at the neckline might still save the day. Stay prepared and trade smart! ๐งฉ๐ก๏ธ
โ ๏ธ Not financial advice โ always DYOR ๐ง ๐