VeChain’s native asset VET has taken a large hit alongside the rest of the market on Black Thursday. This has caused the asset to visit uncharted downside territories and register an all-time low against its dollar-pairing at $0.0014.
Since that ATL visit, price was able to reclaim some ground but has met heavy resistance at $0.0038 over which it was unable to close a weekly candle.The same image is being communicated by the daily timeframe. Unless $0.0038 is flipped from resistance to support, VET/USD will likely revisit the lows or create new ones.
The third topic that needs to be discussed is the volume which can be seen below.
Although there has been high volume spikes, there has been irregularities in the volume in the past few weeks when compared to the more consistent volume seen in the first two-months of the year. This too must become consistent in order for reliable market movements to take place.