TradeCityPro | VET: Decoding Trends & Revealing Hidden Potential👋 Welcome to TradeCity Pro! In this analysis, I will review the VET coin for you. This coin belongs to the VeChain project, one of the well-known crypto projects.
📅 Daily Timeframe: Entering the Golden Zone
In the daily timeframe, we are witnessing an upward leg that, after reaching the resistance at $0.07756, has entered a correction phase and is currently moving into the Fibonacci golden zone between 0.5 and 0.618.
🔍 Previously, it seemed that price bottoming at the area of $0.04361, which coincides with the 0.5 Fibonacci level, would occur, but in today's candle, the price is moving towards the 0.618 area and has broken the 0.5 level.
✨ Additionally, the 99-day SMA is reaching the candles, and this area is also an important support zone, so the price might create an Accumulation Zone within this box. If so, the health of the upward trend is preserved, and the price can more easily prepare itself for the next leg.
🔽 If further correction occurs and this PRZ breaks, the next price support area is $0.03294, which nearly aligns with the 0.786 Fibonacci and will be the next support area for the price. Given the break of 41.96 in the RSI, if this oscillator stabilizes below this area, the likelihood of this scenario occurring increases.
🧩 The main trigger currently for a long position is the break of $0.05284, which you can enter upon in both spot and futures as you open your position on this coin. The next trigger is $0.07756, a significant resistance and supply area, and the subsequent resistance will be at $0.09855.
📉For short positions, the best trigger currently in this timeframe is the break of the Fibonacci zone. However, by moving to lower timeframes, you can find more triggers.
📝 Final Thoughts
This analysis reflects our opinions and is not financial advice.
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