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- VET/USDT is up 25% from its recent swing low.
- VET/USDT is down by 50% since February 2023.
VECHAIN is trading at $0.01665. The price is up by 5.04% in the last 24H. The 24H trading volume saw a jump of 13%. The Total Market Cap is $1,209,172,914.
VECHAIN prices fell under the Bear’s grips after getting rejected at $0.03268. This fall consumed 50% of the value in the past 5 months. VET almost lost its crucial support of 0.01555. Bulls stepped in to save this support and have managed a recovery of almost 24%. The price is 23% below the Daily 200 EMA which justifies the strong downtrend.
The Price is forming a falling wedge
On the Daily chart, VET is forming a falling wedge pattern. This pattern has a higher probability to break to the upside. If the Bulls Manage a successful breakout, the market should get ready for a ride of almost 80% upside. This will add confidence in the market and the Bulls will push the price back to $0.03.
The Market will have to break the resistance at $0.01950 and $0.02678 in order to reach the price targets. VET witnessed a decent bounce as the investors became interested at $0.01555. This price point offers a decent risk-to-reward and the smart money tends to become greedy as the market feels fear.
The 4h Chart shows prices getting ready for a breakout
The 4h Chart is showing a minor uptrend as VET created a higher high in the short term. The overall trend remains bearish as the market trades below 200 EMA. The Buyers are trying hard to execute a successful breakout of this falling wedge. The price is trading above the 9 and 15 EMA which is a good sign for the Bulls.
If the buyers fail to break this pattern, the market can take another leg down. A breach of the support level can lead to a market collapse of almost 30% and could extend the bear market. VET must maintain the recovery phase in order to change the market sentiments and bring back the strength in the market.
RSI: The RSI indicator is currently at 67 on the 4H and has made a crossover with its MA towards the upside. This indicates strong bullish momentum.
MACD: The MACD indicator made a bullish crossover while being above the 0 line. This signals bullish momentum.
200 EMA: As observed, on the 4hr, the price is trading below the 200 EMA(exponential moving average) which acts as a significant resistance. This is a clear indication of a downtrend where the sellers are in control and for a trend reversal, the price must break and trade above the 200 EMA.
Technical levels
Support Levels: $0.01555 – Support 1
$0.01127 – Support 2
Current Price: $0.01665
Resistance Levels: $0.01950 – Resistance 1
$0.02244 – Resistance 2
Conclusion:
VECHAIN prices are at critical support. A decent bounce has given some relief for the Bulls. While the overall market trend remains bearish, it may be a great opportunity for investors with excellent risk management skills. The Current market price offers an excellent risk-to-reward ratio. The more conservative investors might wait for a strong breakout of the falling wedge. The highly volatile market carries its advantages and risks and it is up to the investors to make the most out of it while safeguarding the capital.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
