- VeChain has moved back into the ascending trend channel.
- An intermediate resistance is catching buyers in the question of whether or not to book profits.
- If buyers can break above $0.16, expect a pop of 22% to the upside.
On September 1, Vechain (VET) price was able to get back in the ascending trend channel after breaking below it the days before. Volume was fading in VET after a failed attempt on August 16 on the upper band of the ascending trend channel. The support came from a very responsive level at $0.11 that originated from VeChain’s high on August 8. After that, the level allowed buyers to get in the price action and buy their way up.
VeChain opens up a fresh can of more profits to come
The incentive for buyers is very attractive and hard to resist. With the trend channel, buyers have a trend line to use for entry each time an upward-moving profit target is at hand. This makes it very hard for sellers to pinpoint a place to load up on shorts against VeChain and keeps buyers in control of the price action for VET.
VET/USD daily chart
However, buyers will first need to make an effort and push price action beyond $0.16. On September 6, there was a failed attempt to break higher, but buyers refused to make more upside. It will be essential to see in the coming days that the green ascending trend line of the channel is giving enough support for buyers. If that is the case, expect a squeeze against $0.16 and a pop higher if that breaks.
Once that has happened, expect quite a quick move toward $0.18, where the monthly R2 resistance level is, and beyond that it is just a matter of time before $0.20 will be targeted.
Sellers will try to keep shorting at $0.16. Once they get stopped after the squeeze against the base trend line of the trend channel though, expect sellers to play the “wait and see” game before getting back in.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.