- VeChain (VET) is showing signs of a potential reversal, with key support at $0.02590 holding and resistance at $0.03369 being the critical breakout level.
- VeChain’s price action suggests short-term bullish momentum, but a failure to surpass $0.03369 could lead to another retest of lower support levels.
VeChain (VET) is at a crucial juncture, currently trading at $0.02642 after a slight dip of -0.00023%. While the price action has shown some volatility, key indicators suggest that VET might be gearing up for a potential breakout.
VeChain: Is It Bottoming Out?
On the monthly chart, VET has been in a downtrend since hitting $0.08000. However, strong support at $0.02134 has prevented further declines. If this support holds, it could mark a crucial bottom, setting the stage for a trend reversal. To confirm this shift, VET must break through the key resistance level at $0.03369, which would signal renewed bullish momentum.
Early Signs of Recovery on the Daily Chart
The daily chart offers a more optimistic outlook, showing VET forming higher lows—an early sign of a reversal. The immediate support level at $0.02590 is proving strong, while resistance at $0.03369 remains the critical hurdle. A breakout beyond this barrier could propel VET towards the $0.04000-$0.05000 range in the coming weeks, attracting more buyers into the market.
Short-Term Momentum: Can VET Sustain Its Gains?
Looking at the 4-hour chart, VET is showing short-term bullish momentum, holding above the $0.02590 support level. The next resistance to watch is $0.02692. If Vechain breaks this level, it could quickly climb to $0.02850 and then $0.03000.
What’s Next for VET?
- Bullish Scenario: If VET holds above $0.02590 and breaks $0.02692, we could see a move toward $0.02850, $0.03000, and eventually the critical $0.03369 level. A successful breakout above $0.03369 would confirm a bullish reversal, with targets set at $0.04000-$0.05000.
- Bearish Scenario: Failure to maintain $0.02590 could see VET retesting $0.02134. A breakdown below this level would invalidate the bullish outlook, potentially driving the price down to $0.01800-$0.02000.
VET is at a crucial decision point. The short-term trend favors an upside move, but the key resistance at $0.03369 will determine whether the bulls can take control. A breakout above this level could signal the start of a significant rally, while a failure to hold support might lead to another downward test. Traders should keep a close eye on these key levels before making their next move.
