Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.

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Alright, let's get straight into the discussion, happy reading!!

Vechain (VET) Analysis

Today, January 21, 2024, I will try to analyze the price movement of the Vechain technically.

SOURCE: TradingView

If we look at the price movement of VET in general, we can see that VET is in a very deep bearish phase. We can see this in the VET price movement pattern in the chart above where the candlestick tends to move downwards if we look closely.

SOURCE: TradingView

The chart above shows that the current bearish trend in the VET/USD market will continue for the next few days or maybe months because the VET price has broken through the Support Level at $0.044.

SOURCE: TradingView

This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.

SOURCE: TradingView

Another confirmation is given by the ADX indicator where there is a cross between the two DI lines where the DI+ line moves below the DI- line which is the Death Cross.

SOURCE: TradingView

In addition, the RSI indicator shows that the oversold phase in the VET/USD market is over, we can prove this by moving the RSI line away from the Lower Band which is the lower limit of the RSI indicator.

Disclaimer: