As you guys can see from the chart, VET has clearly been showing signs of slowing down over the past few weeks or so since breaking the previous VEN all time high of around 9.5 cents. The recent string of doji candles, coupled with declining volume, an overbought rsi (~82), and a mac d line that might be at a local maximum have me thinking we could be in for a correction. Smaller time frame charts (like the 4 hr) show support around the 7.5 to 8 cents range, which is about 1 fib line down from out most recent swing high (and ath) on the 3 day chart. That said, do I have the guts to sell on this hypothesis? Probably not... Could be fomo, could be that I have no idea what i'm talking about haha. I'd love to hear what you guys think. I'm still long term bullish on VET, as I believe the news to lower VTHO gas fees considerably will help foster mass adoption by enterprises.
Edit: We did see a similar pattern towards the end of June last year, which was followed by a large upswing eventually testing the upper line of the parallel channel. Hopefully this is how it plays out.
Edit: We did see a similar pattern towards the end of June last year, which was followed by a large upswing eventually testing the upper line of the parallel channel. Hopefully this is how it plays out.