VeChain price is blows off some steam while uptrend still present longer-term
|- VeChain price has broken below $0.15 several times and sees bears trying to consolidate below.
- VET price pennant looks to be breaking to the downside and could see a quick nosedive.
- Expect the green ascending trend line to hold and keep the uptrend in place.
Vechain (VET) has been on an uptrend since October and does not look to end it anytime soon. Although VET price is undergoing a bit of a correction, the uptrend is still very much intact, and the current bearishness is offering a window of opportunity for bulls before VET will spike back up towards $0.19.
Vechain price offers a window of opportunity before price trades back at $0.19
Vechain price saw bulls getting rejected by the R2 monthly resistance level at $0.18. VET price faded toward $0.16 and currently looks heavy on that level which it could break below at anytime. A break lower would push bulls out of the pennant and see a quick dive towards $0.14.
VET price would see bears quickly being stopped in their tracks as the green ascending trend line would give quite some support as it has already done on several prior occasions since the beginning of October. Even if the green ascending trend line does not hold, expect the monthly pivot at $0.13 to offer support. VET price bulls, therefore, have a good window of opportunity between $0.16-$0.14 for a fade-in – extending down to $0.13.
VET/USD daily chart
VET price would see a pickup in price action together with some favorable tailwinds that could accelerate the price move even further. In that case, Vechain price could head back up towards $0.19 in just a matter of days. At that level, a second test would be on the table, with a good chance that this time bulls will be able to consolidate above, making possible new all-time highs.
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