VeChain (VET) – Expected to extend its bearish cycle in the near futurePosted on Thursday, November 17 2022 at 8:30 pm GMT+0000
VeChain (VET) bulls saw their latest efforts falling apart in the vicinity of the 50-period exponential moving average, and the supply chain management blockchain printed another lower high on the four-hour chart.
The falling 50- and 100-period exponential moving averages are defending the dictating bearish structure, while the oscillators are suggesting steeper price decreases. Both the RSI and ROC are declining in their respective negative areas while the CCI appears ready to shove beneath its -100 threshold, signifying the next bearish wave is nearing.
Hence, if the negative pressures intensify further, sellers will immediately attack the November 14th bottom of 0.0179. Cracking that floor will bolster selling interest towards the 161.8% Fibonacci extension level of the latest corrective wave at 0.0161. Next, sellers will pursue the 227.2% Fibonacci level of 0.0142.
Otherwise, if buyers re-emerge and propel the price higher, they will face once again resistance from the 50-period exponential moving average and Wednesday’s intraday peak at around 0.0206 – 0.0209. A decisive penetration here will upgrade the short-term picture to bullish and shift the focus to the 100-period exponential moving average of 0.0216 ahead of the November 10th top at 0.0227.
In a nutshell, VeChain is expected to extend its bearish cycle in the near future, and a dip beneath 0.0179 will release a fresh aggressive sell-off.