Vechain price analysis: VET accumulates inside interesting chart pattern with trend reversal move expected
- In terms of the daily price chart, VeChain price is consolidating inside an ascending triangle pattern.
- The price of VET saw a sudden spike last night, thus increasing the trading volume by 114%.
- VET’s market cap surged above the $2.3 billion mark as investors gained nearly 20% in the last hours.
VeChain price finally found support near the 52-week low of $0.0241 mark. Meanwhile, the VET market has looked so volatile for over three weeks, where the directional trend creates a pump and dump situation for the speculator.
Now the VET coin looks a bit bullish as buyers manage to move up from the uptrend line. On the other hand, buyers continued to struggle for more bullish momentum in the $0.033 to $0.035 area.
Meanwhile, price action is showing an ascending triangle pattern (blue) on the daily chart. And recently, the bulls reclaimed the support trendline and entered aggressive action as the price increased by almost 20% from the previous night.
But it looks like the bulls have burned out, so VET is trading at the $0.032 mark at the time of writing. Thus, the market cap of VET has crossed the $2.3 billion mark. But the bulls are looking aggressive for a strong rally. But the $0.035 mark cannot be ignored.
With the bullish zone in place, the bulls are aiming to convert the 20-day exponential moving average into a support level. But the price is still facing resistance near this level on the daily price chart. However, the price of VET saw a sudden spike last night, thus increasing the trading volume by 114%.
RSI is about to hit semi-line
VET price is about to reach a red cloud in the Ichimoku indicator on the daily price scale. If buyers manage to put costs above this zone, the leading Span A (at the $0.031 mark) will turn into a buyer’s hedge zone.
The daily RSI indicator is going to hit the semi-line (50 points). If the RSI peak rises above this resistance area, a sharp recovery in VET price can be expected.
The Bulls are waiting for the range breakout of the ascending triangle pattern. If Vechain price breaks this range upwards, it also breaks important resistance levels like 20 EMA.
Resistance level- $0.035 and $0.050
Support level- $0.0270 and $0.020
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