VeChain (VET/USD) has taken a huge hit in the recent dip and has fallen from $0.177 to $0.135, it has fallen by over 20% in just three days and investors are now looking for opportunities to go long. Vet was over 6% lower on Thursday and is still looking very weak for the coming weeks however this could be an opportunity for investors to buy the dip.

• Vet has fallen by over 20% in just three days by forming huge red candles which is showing that it is still very weak and there are no signs of buyers returning anytime soon.

• Vet is now down to a very crucial support level, which was also the zone from where it started its previous rally however it is looking like a breakdown from the zone will be seen. 

• The 50-day moving average could also be seen supporting the price however Vet could break through the 50-day moving average anytime soon as the selling volumes were high on Thursday.

• The RSI is showing no signs of reversing and is falling at a very rapid rate thus any long entries should be avoided until the RSI starts rising which will show that the buyers are slowly coming back.

• A reversal could be seen at $0.126, however, investors must be cautious by entering only if a reversal is seen and should also maintain a stop-loss below the zone.

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

Conclusion

Investors must be patient and wait for the right to enter Vet as an early entry could be very risky as Vet could still continue falling, however, this could be a great opportunity to buy the dip as Vet is a great coin fundamentally.