VeChain (VET) has been consolidating in a tight range, and traders are eagerly watching for its next significant price action. Currently, VET is trading around $0.02267, reflecting slight bearish pressure. However, technical indicators suggest that a breakout could be imminent.
Current Market Outlook
VET has seen a strong bullish trend on the 1-hour chart, with 92.86% of moving average signals supporting upward momentum. This suggests that despite minor retracements, the token is gearing up for a potential rally. However, resistance and support levels will play a crucial role in determining its next move.
Key Support and Resistance Levels
- Support: The nearest support level is $0.0209. A drop below this could signal further downside, possibly testing $0.01912, a key invalidation point.
- Resistance: The immediate resistance stands at $0.0244. A breakout above this could propel VET toward $0.03369, with further upside targets at $0.04500 and $0.06500.
The Bullish Case
If VET successfully breaks through $0.03369, it could trigger a strong rally toward $0.04500, fueled by increased buying pressure. Given the overall market sentiment, a breach of this level might even set the stage for a move toward $0.06500 in the coming weeks. The 1-hour chart signals suggest a potentially explosive move if bullish momentum sustains.
The Bearish Case
On the downside, failure to hold $0.02134 could invite sellers, dragging VET toward $0.01912 or lower. If this scenario plays out, VET could enter a prolonged consolidation phase, delaying any potential bullish breakout.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
With VeChain hovering near critical price levels, traders should stay vigilant. A decisive move past $0.0244 could be the spark for a bullish breakout, while a dip below $0.0209 may invite more downside pressure.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on X, Facebook, Telegram, and Google News
