VeChain Price Forecast: VET Steps Into A Massive Technical breakout, Time To Buy?
- VeChain uptrend hit a barrier at $0.09, but bulls refuse to give up the mission for gains above $0.1.
- A falling wedge pattern sets the framework for a 74% upswing to $0.12.
VeChain is among the cryptocurrencies struggling with sustaining the uptrend mid through the week that started on a good foot. Support at $0.055 saw bulls regain control and started pulling the price higher. Moreover, a break above $0.07 marked stirred investor interest, extending the bullish leg toward $0.1.
Meanwhile, a barrier at $0.09 cut short the uptrend as bears swung into action. VET teeters at $0.081 at the time of writing. Buyers are concerned with keeping the price above $0.08. With this level barricaded, market stability will allow bulls to focus on a recovery above $0.1 and $0.12, respectively.
VeChain Price Technical Breakout Could Gain Traction To $0.12
As VeChain corrected from April and April highs of $0.25, a falling wedge pattern formed. A couple of trend lines create this pattern, connecting the descending peaks and lows. It is imperative to know that this pattern is highly bullish.
However, the bullish confirmation delays until a break above the upper trend line occurs. Realize that an uptick in volume usually accompanies the breakout. Falling wedges tend to pave the way for a significant move north, explaining the 74% prediction to $0.12.
VET/USD 12-hour chart
Nonetheless, the bullish outlook will only be confirmed if VeChain closes the day above the most recent resistance at $0.09 and extends the action past $1.
According to the Moving Average Convergence Divergence (MACD) indicator, the odds for the uptrend continuing in the near term are high. A buy signal has been sustained since July 21, when the 12-day exponential moving average (EMA) crossed above the 26-day EMA. Additionally, lift above the mean line and into the positive region is indicative of the bulls being in control.
VeChain Bearish Outlook Cannot Be Ignored
The exact timeframe shows a sell signal recently presented by the TD Sequential indicator. A green nine candlestick manifested the call to sell. Its appearance suggests that buyers will gradually lose their grip on VeChain while bears swing into action for revenge. If confirmed, VeChain may not continue with the uptrend to $0.12.
VET/USD 12-hour chart
The Relative Strength Index shines a light on the seemingly aggressive bears. The retreat from levels near the oversold and aiming to the midline reinforces a growing bearish influence on VeChain. Thus, a correction will likely trim gains to $0.07 and $0.055, respectively.