VeChain sets up early reversal after hourly RSI touches oversold territory
Bitcoin’s drop-off from $66,000 triggered a market wide correction. As a result, the total crypto market cap dropped by nearly 8% over the last 24 hours to a total of $2.63 Trillion. Smart contract operator VeChain did not fare too well either and shed nearly 9% of its value when compared to yesterday’s close.
However, chances of an early recovery stemmed from an oversold hourly RSI and a long serving bottom trendline which functioned as support. Should VET now close above the confluence of its 20, 50 and 200 SMA’s, a fresh high can be targeted around $0.188.
Source: VET/USD, TradingView
VET laid the foundations for a recovery after tagging a bottom trendline which has not been flipped since late-September. Moreover, the hourly RSI was already
Read more on ambcrypto.com
