Why VeChain’s VET price might have unfinished business near $0.04
|- VET price has printed an impulsive wave up, which could be the beginning phase of a larger rally.
- VeChain price shows an influx of buying pressure on the Volume Profile Indicator.
- A breach below $0.020 will invalidate the bullish thesis.
Vechain’s VET price could set up a 15% rally in the coming days. Key levels have been defined.
VET price might pull a fast one
Vechain price currently auctions at $0.023. As most cryptocurrencies have declined by more than a few percent during the current downslide, VET price remains unhinged. The VTHO-powered blockchain token witnessed an Elliott five-wave impulse on Thursday, October 13, raising the market value by 10% in one day. Since the rally, the bears have not been able to forge a retaliation of equal volume or candlestick price action.
VET’s ability to stay afloat while other cryptocurrencies fall over during the third week of October hints at underlying strength. The Volume Profile indicator confounds this idea as an influx of volume came rushing in during the 10% rally and has since tapered while bears struggled to suppress the price near the $0.020 level. Additionally, the Relative Strength Index (RSI) is still supportive grounds for a healthy uptrend.
VET/USDT 45 Min Chart
VET price could pull off a stunning rally in the coming days if the market is genuinely bullish. A rally towards the $0.026 seems very likely as there may be unfinished auctions near the level.
Such a move would result in a 15% increase from the current market value. A breach above $0.02362 could catalyze the move higher.
Invalidation of the uptrend thesis is a breach below the swing low at $0.012. If the bears breach this level, consider the entire uptrend scenario void. The next bearish targets lie at $0.0220, resulting in a 20% decrease from the current VET price.
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