- VET/USD has approached the All-time High, but it seems to bears are taking over
- VET/USD may surge to $0.035 if it successfully breakouts from the triangle
VeChain (VET) price has approached its all-time high after seeing some profit booking. It seems that the bears have taken over the coin for the second time and may make a double top instead of giving a breakout. The market cap and 24 hour volume are $1,891,456,267 and $169,010,698 respectively.
VeChain (VET): Flag And Pole Or Double Top?
VeChain Coin has given a breakout from the pole and flag pattern. After the breakout, an asset often covers the same price range covered while making the pole.
The VWAP is currently declining 0.0298 and applying resistance to the price. The Bollinger Band suggests a contraction as after the breakout, the Bollinger bands didn’t open, which suggests a weaker breakout, which can be followed by a consolidation. The coin faces resistance at $0.03; this can cause the coin to move in a sideways trajectory.
The stochastic signal line has crossed up from the slow line and surges towards the overbought territory, but it doesn’t seem very bullish.
The MACD(8,21,5) suggests mild bullish momentum, as the signal line is again crossing up from the slow line.
The ADX line is declining from 35 levels to 27 levels, suggesting that the rally is turning weaker. Meanwhile, the DI+ and DI- are both closer to 21. Such intersection can cause a strong move on either side.
Conclusion –
VeChain(VET) is approaching all-time highs after forming a flag and pole pattern. The breakout can push the coin to $0.035, but it is currently facing resistance at $0.03 levels.
Support: $0.0264 and $0.022
Resistance: $0.026 and $0.022