Investors in VeChain (VET) May Want to Consider Shorting
Investors in VeChain (VET) should be cautious about taking long positions and may want to consider using the negative Stoch RSI value.
The official VeChain Twitter account stated that things became rough in October, but that the team is happy with the progress made so far on the VeChain network. VeChain is now undergoing some promising developments, as would any blockchain-based endeavor. The team is optimistic about the future of the VeChain network and is looking forward to continued progress in the months and years to come.
The developers of Vechain.energy are working hard to connect the web2 and web3 communities. In October, they stated on Medium that the bridge was "bumpy but complete." This is an important step in bringing these two communities together and we are excited to see what the future holds for Vechain.energy.
The most recent information on the project's development can be found in the blog post, which is very encouraging news for the project. The snapshot attached to the Twitter tweet demonstrates the project's steady progress, and this is very encouraging news for the project.
The value of VET, VeChain's native currency, has seen a dramatic increase after the crypto market meltdown this year. According to figures from CoinGecko, there was a 10% weekly gain on Wednesday. This shows that VeChain is a project that is on the rise, and that its native currency is one to watch out for.
It's hard to say what the future holds for VET, but it looks like it could be a bright one. The only remaining question is whether or not VET will maintain its upward trajectory.
October was an amazing month! Technically the most important brick was laid with our #WebHooks that allows bi-directional #Blockchain communication with every backend. But there was more …
Here’s our reflection on October:https://t.co/RfiW5UNncW#VeChain #VeFam 🎃 pic.twitter.com/GevQyKC58v
— vechain.energy (@VeChainEnergy) October 31, 2022
VET Rally Could Be Temporary
It is encouraging to see that VeChain is seeing price increases, but it is important to remember that other cryptocurrencies are also seeing increases in value. This shows that the market is healthy and that investors are confident in the future of digital currencies.
It's hard to say where the VET token will go in the short-term, but based on recent price patterns, it looks like there could be some downward pressure in the near future. This is the third consecutive break of a bearish pattern, so traders should be cautious.
As we can see from the data, VET's market capitalization has increased by over 8%. However, this growth is offset by a decline in TVL of around 2%. While it's positive to see VET's market capitalization expanding, it's important to keep an eye on TVL as well.
The coin's RSI, Stoch RSI, and CMF values are all contradictory, with bullish RSI and CMF values and bearish Stoch RSI values.
VET's Bearish Trends Could Mean Trouble Ahead
As VET approaches a bearish convergence with the EMA Ribbon, this could result in a bearish break on the current flag and pole structure. This could be a significant issue for VET, as it could lead to further declines in price.
A bearish breach of the current trading pattern might send the price of VET down toward the 100 Fibonacci retracement levels. This would be a significant move lower for the cryptocurrency, and could signal further downside in the days and weeks ahead.
Therefore, potential VET investors should be wary about taking long positions and might consider utilizing the negative Stoch RSI value and going short at the current market price. This could be a good way to make money off of the current market conditions.