VET Technical Analysis Feb 10

VET continues in a downtrend, facing critical resistance at $0.01; RSI at 34 level giving a weakness signal, while Bitcoin’s bearish structure mandates a cautious approach for altcoins. Low volume participation limits short-term recovery potential.

Executive Summary

VET’s technical chart exhibits a weak structure under the dominant downtrend. Price stuck around $0.01 continues below EMA20 while Supertrend gives a bearish signal; RSI at 34 approaching the oversold region though MACD neutral. Critical supports concentrate in the $0.0066-$0.0077 range, resistances strong at $0.0080 and $0.0141. Bitcoin’s downtrend pressures VET, risk/reward ratio unfavorable for longs (about 1:2.5 bearish bias). Strategically, short-term short positions or waiting for breakdown below $0.0066 recommended; bullish scenario remains weak without volume increase.

Market Structure and Trend Status

Current Trend Analysis

VET is trading within a clear downtrend on daily and weekly timeframes. Price has stabilized at $0.01 with a 2.48% drop in the last 24 hours. Supertrend indicator in bearish mode marking $0.01 as resistance, confirming short-term bearish momentum. Multi-timeframe analysis (1D/3D/1W) detects 8 strong levels: 2 supports/2 resistances on 1D, 2 supports on 3D, 2 supports/2 resistances on 1W. Overall structure has evolved into a lower high/low pattern with the break of higher lows; trend change requires close above $0.0141.

Structural Levels

Structurally, VET is in a bear market cycle with nearly 99% drop from 2021 highs. Short-term structural support at $0.0077 (multi-TF confluence), main support at $0.0066 (71/100 score). Resistances at $0.0080 (75/100, strongest) and $0.0141 (65/100). These levels align with Fibonacci retracements (0.618-0.786) and volume profile; in case of breakdown, $0.0033 bearish target may activate.

Technical Indicators Report

Momentum Indicators

RSI(14) at 34.12, approaching the 30 oversold threshold which could signal a short-term bottom but no divergence in downtrend – weak momentum bearish. MACD histogram neutral at zero line, signal line declining in line with price; no crossover, indicating consolidation. Stochastic in 20s oversold, but %K/%D bearish cross. Overall momentum confluence: Bearish (RSI<50, MACD flat bear). Volume confirmation required for oversold bounce.

Trend Indicators

Price below EMA20 ($0.01), EMA50/200 death cross active (bearish). Supertrend bearish, trailing stop at $0.01 resistance. Price below Ichimoku cloud, tenkan/kijun cross bearish. ADX 25+ with medium trend strength, -DI dominating +DI. All trend indicators in downtrend confluence; bullish flip requires EMA20 break and Supertrend turning green.

Critical Support and Resistance Analysis

Supports: $0.0066 (71/100, 1D/3D confluence, volume cluster), $0.0077 (69/100, 1W pivot). Bounce zone between these levels, below it cascade risk to $0.0033 (22 score). Resistances: $0.0080 (75/100, most critical, Supertrend/EMA20 overlap), $0.0141 (65/100, 1W resistance). Breakout scenario low probability (26 score bullish target $0.0126); high fakeout risk. Level scores based on multi-TF reaction history, $0.0080 with 75% reject rate.

Volume and Market Participation

24h volume $10.74M, below average volume (low participation for VET). OBV in downtrend, aligned with price (no divergence). Volume profile shows low activity at $0.01 POC (point of control); no spike. Low volume keeps current range ($0.01-$0.01) tight but lacks breakout strength. Increasing volume would create confluence for support test or resistance rejection; currently no capitulation, accumulation phase early.

Risk Assessment

Risk/reward: From current $0.01, bullish target $0.0126 (+26%), bearish $0.0033 (-67%) – RR 1:2.5 bearish bias. Stop-loss below $0.0077 for longs, above $0.0085 for shorts. Main risks: BTC downtrend continuation (correlation 0.85+), whipsaw in low volume, macro bear market. Volatility medium (ATR 5%), position size limited to 1-2% risk. Bullish RR improvement requires BTC $70K+ and volume x2.

Bitcoin Correlation

VET shows high correlation with BTC (85%+, beta 1.2); BTC at $69,822 in downtrend, Supertrend bearish. If BTC supports $68,399/$62,910 break, VET dragged to $0.0066. Resistances $70,496/$73,869; BTC bounce leads to $0.0080 test in VET. BTC dominance increase crushes altcoins – watch below BTC $68K for aggressive short, above $70.5K cautious long.

Conclusion and Strategic Outlook

VET chart dominated by bearish confluence: Downtrend, indicator weakness, low volume, and BTC pressure. Short-term expectation of rejection at $0.0080, breakdown to $0.0066 test. Long-term, $0.0033 bottom potential; recovery requires BTC relief rally and volume. Strategy: Short bias (60% probability), short $0.0080 TP $0.0077/$0.0066 SL $0.0085. Longs on $0.0066 bounce confirmation. Detailed data for VET Spot Analysis and VET Futures Analysis. Full picture: Cautious, risk-off.