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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.