VeChain (VET) Analysis – March 29, 2021

Both moving averages are rising and the RSI is close to the overbought zone, indicating that the path to least resistance is up. The long wick on the March 27 candlestick indicates that the bears are trying to defend the overall resistance of $ 0.098.

However, the bulls did not allow the bears to establish their superiority. If buyers can push the price above $ 0.098, the VET / USDT pair may continue its uptrend. On the upside, the next target level is $ 0.136.

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This bullish outlook will become invalid if the price falls from current levels or general resistance and breaks the 20-day EMA. Such a move could pull the price down to the 50-day SMA ($ 0.059).

The 4-hour chart shows that the bears are defending the $ 0.095 level, while the bulls are buying in dips towards the moving averages. If the bulls can push the price above $ 0.095, it will complete an inverted head and shoulders pattern with a target of $ 0.114.

Conversely, if the bears lower the price below the moving averages and continue, it will be possible to fall to $ 0.076. A break below this support could signal the beginning of a deeper correction.