VET, an altcoin, recently broke out of its descending channel, initially signaling a positive momentum shift. However, it has since experienced a sharp retracement, trading down 11.47% to $0.03866 in the last 24 hours. The market remains cautious as VET heads towards a potential retest of the $0.037 support level. Additionally, the 50-day and 200-day SMAs are nearing a golden cross, historically a bullish indicator.
Technical indicators and bearish sentiment signaled consolidation before any potential recovery.has experienced a sharp retracement after breaking out of its long-standing descending channel. The altcoin was trading at $0.03866, down 11.47% in the last 24 hours.
The next few sessions could determine whether VET regains bullish momentum or faces extended consolidation.The breakout from the descending channel was a significant development for VET. However, the retracement toward the $0.037 level highlighted the market’s uncertainty.Additionally, the 50-day SMA at $0.02566 and the 200-day SMA at $0.02659 were moving closer to forming a golden cross. Historically, such crossovers are bullish indicators.Source: TradingViewThe RSI for VET was 63.
This imbalance suggested a lack of confidence in immediate upside potential, as traders anticipated further downside before a recovery.
VET Descending Channel Breakout Retracement Support Level Golden Cross
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