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.

Share: Cryptos feed

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.