Brief Analysis——VETToday our analysis target is VET. We have analyzed VET a few weeks ago. Now that its price is back near the highs again, let's see what will happen.
VET is the token of project vechain, a smart contract platform focused on providing supply chain management solutions for enterprises and integrating with Internet of Things (IoT) devices to facilitate the process. Founded in 2015, it is a old project. Under such circumstances, many old holders will not care about the token, but new holders will not be interested in it. So more holders are whales or project parties.
You can see that we have marked three periods of rise with three green intervals.
First, let's look at the first green interval. This is a classic whale-rise. The VET rise was accompanied by whale inflows until the correction started. There were no destructive candles during the correction. In such a case, the bullish trend will not end.
Subsequently, consistent with the reflection of WTA indicators, there was a second round of rise. But as VET reached 0.023, there were very few blue columns representing whales. This shows that at this stage, the original whales began to gradually take profits during the rise of VET. If you regularly use our WTA indicator, you know that a bullish trend will be terminated after a destructive candle. So VET fell rapidly afterwards and returned to the black dotted line (the starting point of the rise).
Then VET started to rise again, but like the second green interval, the blue column representing the whale did not appear. After the price moved back near its highs, the bears began to gain strength.
Therefore, if VET does not have whale support, if a long rainbow candle appears again today, it is very likely to end the upward trend again.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
