Should You buy VeChain after the 20% slump?

VeChain (VET/USD) has suffered a huge slump in the most recent dip, falling from $0.177 to $0.135. In just three days, it slipped by over 20% and investors are now looking for ways to go long. VET was down by over 6% on Thursday and still looks very weak for the coming weeks. However, this could be the perfect opportunity for investors to buy the dip.

  • Vet has fallen by over 20% in just three days. It formed huge red candles, which shows that it is still very weak and there are no signs of an early return from Käshores.

  • Vet is now at a very critical support level. From this zone it had started its previous rally. However, it looks as if a collapse from the zone will soon be seen.

  • The 50-day moving average also pushed the price higher. However, Vet could soon break through the 50-day moving average, as the sales volume was high on Thursday.

  • The RSI shows no signs of a reversal and can change very quickly. Therefore, long positions should be avoided until the RSI begins to rise. This would mean that the banks are slowly coming back.

  • A trend reversal could occur at $0.126. However, investors should be careful and only enter when a trend reversal is emerging and set a stop loss below this zone.

  • A target can be set at $ 0.157, followed by $0.18.

Conclusion

Investors should be patient and wait for the right moment to enter Vet. Getting in too early would be very risky, as it could fall even further. However, this would be a great opportunity to buy the dip, since Vet is basically a promising coin.

Should You buy VeChain after the 20% slump? appeared first on Coin Hero.

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