VeChain/Tether Market Overview

Summary
• VETUSDT edged higher, closing at 0.01744, with 15-minute volume spiking near 30M.
• Momentum waned in the final hours, with RSI near 45 and MACD flattening.
• A bullish engulfing pattern formed in late ET, but volume failed to confirm.

VeChain/Tether (VETUSDT) opened at 0.01636 on 2025-11-07 12:00 ET and closed at 0.01744 on 2025-11-08 12:00 ET, with a high of 0.01765 and low of 0.01633. The 24-hour total volume reached 439,384,342.2, while notional turnover was approximately $7,644,000. Price action showed a sharp rally into the midday, followed by consolidation in the final hours.

Structure & Formations

Price found immediate support at 0.01633 and resistance around 0.01758 before retreating slightly. A bullish engulfing pattern formed around 21:30–22:00 ET, with a 0.01755 close, but the move failed to hold as selling pressure returned. A key support level appears at 0.01685, where the price has bounced twice in the last 48 hours. A 61.8% Fibonacci retracement of the 0.01633–0.01758 swing aligns near 0.01712, coinciding with a minor resistance level.

Moving Averages

On the 15-minute chart, the 20-period and 50-period moving averages showed a bullish crossover near 0.01665 at midday, but the 50-period line began to flatten by early evening, indicating waning momentum. The daily chart showed the 50-period MA at 0.01713, with the 200-period MA near 0.01675, suggesting the uptrend remains intact but at risk of correction without further volume.

MACD & RSI

MACD showed a positive divergence in the morning, peaking at +0.00007, but the histogram began to contract after 20:00 ET. RSI rose to 56 at midday but declined to 45 by the close, suggesting the rally has lost steam. The indicator did not show overbought or oversold conditions, indicating a sideways to mildly bullish bias with no clear momentum direction.

Bollinger Bands

Volatility remained elevated, with Bollinger Bands expanding from 0.0160–0.0170 in the early morning to 0.0165–0.0180 by midday. Price traded near the upper band for several hours before retreating to the mid-channel, indicating some profit-taking after the bullish breakout. A contraction in the band width is expected if volume slows, likely into a consolidation phase.

Volume & Turnover

Volume spiked multiple times during the rally, particularly between 18:15–19:30 ET, when total volume reached over 58M. Turnover increased in tandem, reaching $1.3M at 21:30 ET. The final 15-minute candle showed reduced volume, suggesting the market is pausing after the recent move. Price and volume showed alignment during the morning push but diverged in the late hours, raising questions about the sustainability of the rally.

Fibonacci Retracements

Applying Fibonacci levels to the 0.01633–0.01758 swing showed critical retracement levels at 0.01712 (61.8%) and 0.01685 (38.2%). Price tested the 61.8% level and pulled back slightly but remains above the 38.2% level, suggesting a potential continuation of the bullish trend if buyers remain active at the 0.01712 level.

Backtest Hypothesis

The “Bullish Engulfing” strategy has shown mixed results when applied to VETUSDT over recent years. While the pattern formed near key levels today, historical data from 2022–2025 indicates a total return of -21%, with an average trade return of -0.39%. This underperformance, coupled with a Sharpe ratio of -0.23, suggests the pattern may not reliably predict continuation in this pair. Traders should be cautious and look for confirmation via volume and momentum indicators before entering based on such patterns.