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- 1 The VeChain asset is showing bullishness as it holds above the 20 and 50-Day EMAs.
- 2 The price action could produce a bullish pattern known as inverted head & shoulder as a breakout is expected next.
The VeChain crypto has exhibited a significant improvement on the chart, as the VET crypto escalated from $0.01600 to $0.03800 around November 2023. After that, the price dropped and created a support at $0.02503.
However, the VET crypto has displayed a sign of a comeback, as the price regained some points from $0.2503 on the chart and is likely to retest the supply level, which indicates that it has stopped making lows and has been in an uptrend.
Now, it looks like the VeChain crypto is ready for a sensational surge, as it gains buyer strength to break the supply level and ascend to new heights from the current support level.
Can VET Crypto Price Break Out With The Bullish Pattern?
The VeChain asset is holding up above the 20 and 50-Day EMA bands, the price could show a wonderful surge in the coming sessions.
Since the VET asset is showing bullish behavior it shows the opportunity to increase further. Overall it has achieved good performance in the last week, and three months by 3.34%, and 28.65% respectively, showing a strong effort by the buyers to take the price in the upward direction.
The VET crypto asset is showing bullish potential, as MACD is expecting a bullish cross with increasing histogram width. Also, the MACD is at -0.00028, the signal line is at -0.00052, and the histogram graph is increasing for the upside at 0.00024.
Moreover, the RSI is increasing gradually, implying that the VeChain crypto asset is gaining momentum, as it has bounced from the 14-SMA smoothed line and this shows that its price can reach new highs. Meanwhile, the RSI curve is at 53, and 14-SMA is at 47.
At the time of writing, the VeChain crypto is experiencing a surge of 1.87% in the last 24 hours, trading at $0.02939 and the price shows a possible formation of a bullish pattern known as inverted head & shoulder, and a breakout is expected next, which could boost the price upward.
Therefore, if the demand for VeChain remains high, the asset price could turn around from the current level. The next target for the price is to reach $0.03200.
However, if the crypto price fails to stay above the $0.02503 level, it could decline further and could drag the price to the demand zone as well.
Summary
The VeChain asset is showing bullishness and rising tendency, as it holds its price above major trend 20 and 50-Day EMA bands. The price chart shows potential for a bullish pattern known as inverted head & shoulder as a breakout is expected next.
Therefore, if the demand for VeChain remains high, the asset price could turn around from the current level. The next target for the price is to reach $0.03200.
Technical Levels
Support Levels: $0.02503
Resistance Levels: $0.03200
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.