This volatile break was quickly short-lived as VET dropped back into the chains of its Point of Control (POC, red).
The confluence of the EMA ribbons alongside the POC has created a stiff hurdle in the $0.03147-zone.
The altcoin lost over 73% (from 31 March) of its value and plunged toward its 15-month low on 12 May. Since then, the buyers made a visible effort to test the resistance of the EMA ribbons in the 4-hour timeframe.
In the last two days, the fruition of the bearish efforts into a down-channel (white) retracement.
Looking at the current down-channel setup and the sturdiness of the POC resistance, VET could see a continued patterned oscillation.
However, a bounce back from this support on high buying volumes would position VET for challenging the bonds of its EMA ribbons.
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