Price Analysis

VeChain Price Analysis: Falling VET Price Tease $0.03 Breakdown

A VET price retests the support trendline of the ascending triangle pattern; can it drive the coin price back to the $0.034 mark.

Published by

Brian Bollinger

Published 10 Jun, 2022 | 01:51:09 PM UTC

The VET/USDT pair has been wobbling inside an ascending triangle pattern, reflecting the ongoing consolidation phase for traders. However, the altcoin facing strong supply pressure from the 20-day EMA is slumped back to retest the ascending trendline. Can this rising support replenish the bullish momentum?

Key points

The VET price retest the support trendline for ascending trendline pattern
The triangle pattern may pump the VET price by 30%
The intraday trading volume in the VET price is $251.6 Million, indicating a 30% gain

Source- Tradingview

The March 31st failed attempt to sustain above the $0.082 resistance triggered a V-top reversal in Vechain(VET) price. As a result, the downfall plunged to the first quarter bottom support of $0.044, but submitting to broader negative sentiment; the buyers couldn’t hold it for long,

On May 9th, the VET sellers gave a massive breakdown from the $0.044 support, signaling the extension of the ongoing downtrend. Thus, the coin price dropped 45% and reached a new low of $0.0241.

Since then, the VET has witnessed high volatility, wavering inside an ascending triangle pattern. A rising support trendline and $0.44 neckline are the key levels for this pattern, mounting a no-trading zone within it.

An expected breakout from the $0.44 breakout may bring a pullback opportunity for traders, targeting the 30% high $0.443 mark.

Alternatively, the support trendline breakdown may sink the altcoin back to the May low of $0.024.

Technical indicator

The daily-RSI slope shows a similar growth action, indicating a genuine recovery in price. Furthermore, the indicator reclaiming its spot in the bullish territory would give additional confirmation for coin holders.

The 20-day EMA has given constant resistance to VET price ever since it turned down from the $0.082 mark. Thus, the altcoin still struggling to break this resistance keeps the fallout possible on the cards.

Resistance level- $0.034 and $0.04
Support levels- $0.0286 and $0.028

Brian Bollinger

From the past 5 years I am working in Journalism. I follow the Blockchain & Cryptocurrency from last 3 years. I have written on a variety of different topics including fashion, beauty, entertainment, and finance. Reach out to me at brian (at) coingape.com

Published by

Brian Bollinger

Published 10 Jun, 2022 | 01:51:09 PM

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