VeChain token demonstrates bullish momentum
The price structure shows that the Vechain price was in an uptrend from October end of 2023, and it built a higher high and lows until it reached the supply level at $0.0510.
At the supply level, the price tried three times to surpass the hurdle but failed as bears pushed the price downwards and gradually deteriorated, which later formed its support at $0.03325 by mid May 2024.
However, the VET crypto has revealed a sign of recovery as the price stopped plunging, and appears that bulls are regaining their ground slowly, as they are trying to ride on an upward trendline.
On the daily chart, VET appears primed for an ascent to the upper trendline of a wedge pattern in the short term. Should it break through this wedge in the long term, its anticipated to challenge and potentially surpass higher resistance levels as well, and propelling it to new heights.
Moreover, the VeChain token demonstrates bullish momentum, maintaining a position above the critical 200-day EMA and nearing the 50-day EMA from below. The MACD indicator reinforces this sentiment with a bullish crossover, with growing histogram at 0.00002698, and RSI glared at 46.01, which has been surging from oversold vicinity.
Despite a 3.19% decrease in value over the past 24 hours, with VET trading at $0.03547, the outlook remains optimistic. If buying interest persists, the token's price could recover from its current position. The immediate price targets are set at $0.0430 and then $0.0510.
Conversely, should VET fail to sustain above the support level of $0.03290, there's a risk of further decline in its value.
At the supply level, the price tried three times to surpass the hurdle but failed as bears pushed the price downwards and gradually deteriorated, which later formed its support at $0.03325 by mid May 2024.
However, the VET crypto has revealed a sign of recovery as the price stopped plunging, and appears that bulls are regaining their ground slowly, as they are trying to ride on an upward trendline.
On the daily chart, VET appears primed for an ascent to the upper trendline of a wedge pattern in the short term. Should it break through this wedge in the long term, its anticipated to challenge and potentially surpass higher resistance levels as well, and propelling it to new heights.
Moreover, the VeChain token demonstrates bullish momentum, maintaining a position above the critical 200-day EMA and nearing the 50-day EMA from below. The MACD indicator reinforces this sentiment with a bullish crossover, with growing histogram at 0.00002698, and RSI glared at 46.01, which has been surging from oversold vicinity.
Despite a 3.19% decrease in value over the past 24 hours, with VET trading at $0.03547, the outlook remains optimistic. If buying interest persists, the token's price could recover from its current position. The immediate price targets are set at $0.0430 and then $0.0510.
Conversely, should VET fail to sustain above the support level of $0.03290, there's a risk of further decline in its value.
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