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Since March, the VeChain (VET) price has been in a correction phase and has lost around 60%. The VET price has been declining through a descending channel and lost the major support level of $0.0270.
The bearish trend halted near the $0.0200 hurdle, and the VET buyers kept defending this mark since July. Now, the VET price has triggered a breakout from a descending channel. Keep on reading to learn how the VET coin price may perform after the breakout.
Is Recovery Mode Activated in the VET Crypto?
Jonathan Carter (@JohncyCrypto) has tweeted that the VeChain price is consolidating in a falling wedge. His VET price analysis indicates the price is approaching the descending trendline in a wider time frame. The RSI has displayed a strong bullish divergence.
#VET
— Jonathan Carter (@JohncyCrypto) September 20, 2024
VeChain appears ready for recovery, consolidating within a falling wedge🧐
Price is approaching resistance at the descending trendline with RSI showing bullish divergence🔍
A successful breakout could propel $VET towards targets at $0.0264, $0.0300, $0.0338, $0.0386, and… pic.twitter.com/yTHgUyupyU
After a successful breakout, the VET price might reach the $0.0264, $0.0300, 0.0338, $0.0386, and $0.0483 levels. That assessment based on key indicators might invite many crypto enthusiasts looking for better-performing cryptos.
VET Price Witnessed Double Confirmation for Bullish Move
When writing, the VeChain coin price traded at $0.0240 and remained neutral over the past 24 hours. With a market capitalization of $1.94 Billion, the crypto maintained a 24-hour trading volume of $23.54 Million.
The VET coin price shaped a descending triangle pattern and triggered a breakout. This breakout could invite buyers and result in a bullish forecast. After the breakout, the price was up by 6% in a day.
Once the price manages to sustain over the 20-day exponential moving average (EMA), it can draw buyers. The RSI and the previous levels suggest that this level could be a reversal zone.
VET coin over the 200-day EMA might attract investors and result in intense buying pressure. Thus, it may recover previous losses.
On the other hand, if the VET price starts trading below the major support level of $0.0200, it could be a bearish sign. Below this level, remaining buyers might lose momentum, and the price may keep falling further.
The RSI has generated a strong bullish divergence and wandering over the RSI-based moving average. The MACD has traveled to the positive territory, and the histograms are green. Most of the technical indicators are in favor of bullish forecasts.
VET Price Analysis Based on Technical Chart
Based on the recent analysis, it seemed that the VET price witnessed a breakout and was showing signs of a bullish move. The price surpassed the 20-day EMA and was approaching the 200-day EMA, indicating a positive trend.
With the RSI showing a strong bullish divergence and the MACD in the positive territory, most technical indicators favored a bullish forecast.
However, it’s essential to monitor if the price can sustain above the 20-day EMA and the major support level of $0.0200. That will confirm this potential bullish trend.
If the VET coin price attracts buyers and recovers previous losses, it could signify a strong buying pressure. On the other hand, a drop below the major support level might signal a bearish trend.