$VET 📉 Technical Analysis: Continuation of the Downtrend and Challenges to Key Support Levels
🔍 Current Situation Summary
After recording a peak at $0.07998 on December 3 (UTC), the market entered a
clear downtrend with the formation of a technical pattern known as "Head and Shoulders".
The price fell to $0.0432, which is close to the key support level
at $0.0439.
⚡️ Key Technical Indicators
Moving Averages〽️
A "Death Cross" has been formed, a clear sign of the continuation of the downtrend, with increasing divergence between the moving averages.
Candlestick Patterns〽️
The appearance of a hammer candle on January 13 may indicate potential support at lower levels, but
This support was not confirmed due to the low trading volume, which amounted to only 0.85 thousand units.
🎯 Key Trading Areas:
Main Support Level🔸
0.0439: Maintaining this level is necessary to avoid further decline
0.0403: The most important support level in case the downtrend continues
Resistance Level🔸
0.0530: Breaking it may give an initial signal of market recovery
📊 Recommendations for investors
In case of decline🔸
Breaking the support level at $0.0439 may lead to testing the next support
at $0.0403, so caution should be exercised.
In case of rise🔸
Wait for signs of improving the direction of the moving averages before thinking about buying.