Starting from the last week of October 2023, VeChain (VET) showed an upward trend, forming higher highs and lows until it hit the supply level at $0.0549 by early 2024.
However, the price faced resistance at this level, failing to break through after three attempts, and was pushed down by bearish pressure.
By mid-May 2024, VET found support at $0.03324, but this level also failed to hold, leading to a further decline towards the initial demand zone by August 5th. Over the past six months, VET has been under consistent selling pressure, resulting in a 65% price drop.
This downtrend has formed a falling wedge pattern, highlighting a bearish market sentiment. A critical level to watch was $0.03300, which was a significant point for traders.
Despite these challenges, VET attempted a breakout after a liquidity grab on August 5th, 2024, but faced strong resistance at $0.02395. The upper border of the declining wedge and the 50-day EMA band could add to the downward pressure.
On the other hand, if VET manages to break out, it could rise towards yearly highs. Enthusiasts like CryptoYapper believe a breakout is imminent.
x.com/CryptoYapper/status/1834184429738033648
Currently, key support levels for VET are at $0.02150 and $0.02055, while resistance levels are at $0.02730 and $0.03290.
However, the price faced resistance at this level, failing to break through after three attempts, and was pushed down by bearish pressure.
By mid-May 2024, VET found support at $0.03324, but this level also failed to hold, leading to a further decline towards the initial demand zone by August 5th. Over the past six months, VET has been under consistent selling pressure, resulting in a 65% price drop.
This downtrend has formed a falling wedge pattern, highlighting a bearish market sentiment. A critical level to watch was $0.03300, which was a significant point for traders.
Despite these challenges, VET attempted a breakout after a liquidity grab on August 5th, 2024, but faced strong resistance at $0.02395. The upper border of the declining wedge and the 50-day EMA band could add to the downward pressure.
On the other hand, if VET manages to break out, it could rise towards yearly highs. Enthusiasts like CryptoYapper believe a breakout is imminent.
x.com/CryptoYapper/status/1834184429738033648
Currently, key support levels for VET are at $0.02150 and $0.02055, while resistance levels are at $0.02730 and $0.03290.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.