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July 18, 2024
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Despite a 40% Jump, Here’s Why Vechain (VET) Price May Remain Stuck Below $0.053 For Another Few Weeks

The post Despite a 40% Jump, Here’s Why Vechain (VET) Price May Remain Stuck Below $0.053 For Another Few Weeks appeared first on Coinpedia Fintech News

The market participants appear to have become extremely bullish on Vechain as the price soared, making it the top performer among the top 100 crypto assets. The price continues to remain under bullish influence but if it repeats the previous action, then a consolidation could follow for the next couple of weeks. However, this cannot be considered the end of the ongoing upswing, as a massive price action is about to materialise soon after this. 

The start of the final quarter of 2023 turned the entire crypto space bullish, including the VET price, which was stuck below $0.017. The momentum quickly flipped, causing a 140% rise to hit $0.04, which was followed by a bearish pullback. However, the recent upswing, which originated from the lows at around $0.028, has triggered a massive run. But the technicals suggest another pullback could be on the horizon before continuing with the bull run.

As observed in the above chart, the VET price is trading in an expanding megaphone pattern, heading towards the upper resistance. The Gaussian channel, which suggests the bullish and bearish phases with the colours green and red, respectively, is still painted red. This suggests either the token is still under the bearish influence or the ongoing bullish trend may not prevail for a long time. Besides, a bearish divergence is seen with the DMI, which substantiates the bearish claim. 

Besides, the possibility of the channel going bullish may occur if the VET price manages to reach the upper resistance at $0.055 and close the trade above these levels. This may even enable the possibility of a bullish breakout from the pattern, causing another 40% rise to $0.08. However, failing to reach it may trigger a massive pullback, which may drag the levels close to their initial levels, which appears unlikely at the moment.

Therefore, the upcoming weekly close may be extremely important for the Vechain (VET) price, as it carries both the possibility of a bullish continuation and a bearish pullback.

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