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The VeChain ($VET) price prediction for Feb. is bullish as long as the price does not reach a daily close below $0.0217.
Since reaching an all-time high of $0.2793 in April 2021, the price of VeChain has fallen. The downward movement had been contained by a falling wedge, considered a bullish pattern.
In Dec. 2022, the price fell to a low of $0.0153, validating the support line of the wedge before resuming its upward trend.
During the second week of Jan., $VET broke out of the descending wedge. Given that the wedge had been in place for 609 days, a significant upward movement is expected to follow. Moreover, the VeChain price reclaimed the $0.0217 area, which previously acted as resistance.
The weekly RSI, which broke out from its own descending resistance line, supports the possibility of an increase. This would be confirmed by a movement above 50 (green circle). If the upward trend continues, the nearest resistance level would be $0.033, a 40% increase from the current price. However, since the wedge had been in place for a long period of time, the VeChain price may also break out above this resistance area.
On the other hand, a close below $0.0217 would invalidate this bullish VeChain price forecast. In that case, the $VET price could fall to an average price of $0.012.
VeChain Price Prediction for Feb: New Yearly High Incoming?
The technical analysis from the daily chart provides some mixed readings. On the bullish side, the price broke out from a descending resistance line and reclaimed the $0.0217 support area.
On the bearish one, it was rejected by the $0.0270 resistance area and created a bearish candlestick.
The daily RSI generated bearish divergence, preceding the ongoing downward movement. However, it has now developed a hidden bullish divergence (white), which is a sign of trend continuation.
Therefore, as long as the $VET price does not close below $0.0217, the VeChain price prediction for Feb. remains bullish. A breakout above $0.0270 could accelerate the increase toward $0.0330.
The wave count supports the possibility of an increase. The $VET price has likely completed a five-wave upward movement and an A-B-C correction (black). Since the correction is contained inside a short-term ascending parallel channel, it is a running flat correction.
While the C wave may extend further, falling below the A wave lows, the possibility of continuing the future price upward movement remains valid as long as the price does not close below $0.0217. The potential drop could occur in the next 24 hours.
To conclude, the most likely VeChain price prediction for Feb. is an increase toward $0.0270 and an eventual breakout. On the other hand, a daily close below $0.0217 would invalidate this forecast and could send the price back to $0.0120.