Ve chain (VET) is gaining attention in the crypto space and moving in upward direction. After recent prolonged market volatility, now the market is turned from bearish to bullish. The BTC’s is moving up, impacting the overall market, including VET. VET is also displaying descending triangle pattern on the daily timeframe, which is often leads to a bullish reversal in the coming days.
At the time of writing, VET is trading at $0.02084 with a 24 hu trading at with a 24 hour trading volume of $18.16 million and a market capitalization of $1.79 billion. The VET price over the last 24 hours is up by 3.33%, and over the last week it is also up by 3% and showing high potential for the next major rally.
VET eyes $0.056 resistance after descending triangle formation
VeChain (VET) is showing early signs of a potential reversal after bouncing off a key support level within a descending triangle pattern on the daily chart. While downtrending triangles are most likely bearish continuation charts, a strong reaction at the lowest point of the triangle can be an occasional sign of a change in momentum. For VET, the bounce over the past week or so is a sign the buyers are stepping in here to prop up this key level, setting the stage for a near-term bounce.
The current price consolidation off the triangle also appears to be condensing, with reduced volatility and volume, a popular setup leading into a large move. Speculators are currently eagerly looking for if VET is able to break through the top resistance trendline of the triangle. A breakout would hardly not confirm the bull argument and potentially spark another wave of buying activity. The setup of the chart, along with new trading activity, is also hinting at the turn-around of the sentiment has likely already begun.
Source: X
In the event that the ascent prevails, analysts are pinpointing a ladder of likely target levels to keep an eye on: near-term targets at $0.024, $0.027, and $0.031, with longer-term resistance levels at $0.040, $0.049, and $0.056. These targets correspond with past consolidation levels and Fibonacci levels, and their technical strength is likely. While risks remain in a still-uncertain macro environment, VeChain’s current setup is one of the more promising bullish structures emerging in the altcoin space.
