This Altcoin Is Ready To Go Higher, Here’s Why?
VeChain (VET) price has formed bullish signals in both the long-term and short-term timeframes. It is expected to rise further in the coming days.
VeChain (VET) has been trading inside a descending parallel channel since May 2022. This is a bullish pattern that often leads to breakouts in most cases.
Except for the deviation above the pattern in February 2023 (red ellipse), the price has tested both the resistance and support lines of the channel multiple times. It is currently bouncing from the middle line of the channel ($0.185) and has formed a morning star pattern (blue arrow). This is also a bullish pattern that often indicates a trend reversal to the upside.
Therefore, the VET price may rise towards the channel’s resistance line at $0.246 in the coming days. A breakout would take the price to the next horizontal resistance level at $0.330.
Reclaiming the Important Support Zone
The daily chart supports the bullish outlook from the weekly timeframe. It shows that VET has reclaimed the important support zone at $0.198 after creating a deviation below it. Such deviations often lead to a strong recovery rally.
Therefore, the VET price may rise towards the next resistance zone at $0.225 in the short term.
The RSI indicator supports this possibility as it moves above the 50 level and is trending upward.
Technical indicators suggest that the VET price will rise further in the coming days. The immediate target is $0.225, followed by $0.246 and $0.330.
This perspective would be invalidated if the price breaks below the long-term channel’s midline at $0.185.
Disclaimer: Please note that this article is for informational purposes only and should not be taken as investment advice. As an investor, it is important to do your own research before making any decisions. We are not responsible for any investment decisions you make based on this information. Not Financial Advice.
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