Despite these challenges, VET attempted a breakout
Starting from the last week of October 2023, VeChain (VET) showed an upward trend, forming higher highs and lows until it hit the supply level at $0.0549 by early 2024.
However, the price faced resistance at this level, failing to break through after three attempts, and was pushed down by bearish pressure.
By mid-May 2024, VET found support at $0.03324, but this level also failed to hold, leading to a further decline towards the initial demand zone by August 5th. Over the past six months, VET has been under consistent selling pressure, resulting in a 65% price drop.
This downtrend has formed a falling wedge pattern, highlighting a bearish market sentiment. A critical level to watch was $0.03300, which was a significant point for traders.
Despite these challenges, VET attempted a breakout after a liquidity grab on August 5th, 2024, but faced strong resistance at $0.02395. The upper border of the declining wedge and the 50-day EMA band could add to the downward pressure.
On the other hand, if VET manages to break out, it could rise towards yearly highs. Enthusiasts like CryptoYapper believe a breakout is imminent.
x.com/CryptoYapper/status/1834184429738033648
Currently, key support levels for VET are at $0.02150 and $0.02055, while resistance levels are at $0.02730 and $0.03290.
However, the price faced resistance at this level, failing to break through after three attempts, and was pushed down by bearish pressure.
By mid-May 2024, VET found support at $0.03324, but this level also failed to hold, leading to a further decline towards the initial demand zone by August 5th. Over the past six months, VET has been under consistent selling pressure, resulting in a 65% price drop.
This downtrend has formed a falling wedge pattern, highlighting a bearish market sentiment. A critical level to watch was $0.03300, which was a significant point for traders.
Despite these challenges, VET attempted a breakout after a liquidity grab on August 5th, 2024, but faced strong resistance at $0.02395. The upper border of the declining wedge and the 50-day EMA band could add to the downward pressure.
On the other hand, if VET manages to break out, it could rise towards yearly highs. Enthusiasts like CryptoYapper believe a breakout is imminent.
x.com/CryptoYapper/status/1834184429738033648
Currently, key support levels for VET are at $0.02150 and $0.02055, while resistance levels are at $0.02730 and $0.03290.
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