There was a bearish sentiment in crypto in the September to October period. VeChain has seen a significant downfall making the price decline from the high of $0.15 to a low of $0.08. A substantial consolidation just below the resistance level may take the price to its highs, or the price may even turn around and reach its low as the buyers couldn’t close the price at its high. On October 15, 2021, Doji was formed, and the price tested the uptrend line but couldn’t suppress it. The first support zone is expected to be around $0.07.
The coin in the daily chart is creating divergence indicated by the technical parameters, and bullish divergence is there, creating a high probability of prices being in an uptrend.
Bollinger bands are observed to be narrow, and the market is not volatile. The bands being close depicts that neither the bullish nor the bearish traders could make much price move and the further price move depends upon their sentiments.
The MACD indicator shows that the MACD line is above the signal line, thus indicating a bullish move of the coin. The histogram chart of MACD is also shows green candles, confirming an up move of price.
Volume indicates indecision between buyers and sellers, and there is inactive participation of traders in price fluctuation.
The RSI indicator at 55 is about to reach its overbought zone and is now at its neutral level. It may be on its way to reaching the highs of the VET coin.
In the weekly chart, there is a formation of a triangle pattern, and the price is moving in between the triangle touching both the lines of the triangle. The price has started to uplift from its major support zone, and if the price continues to follow its uptrend line, it may reach its all-time high of $0.28.
In the monthly chart, after a significant price reduction in May 2021, the price is moving on the edges of the uptrend line and is going in consolidation. A significant price move may take place if the price doesn’t break the uptrend line.
