- VET could soon break out of the Descending Channel it has been trapped in for more than 800 days according to EGRAG Crypto.
- The cryptocurrency could look to target $0.5 or $0702 if a bullish breakout occurs.
- Technicals on VET’s daily chart suggested that bears had the upper hand when it came to short-term and medium-term momentum.
VeChain (VET) has been struggling to break out of the Descending Channel that has formed on its weekly chart for more than 850 days, according to a Twitter post shared by the cryptocurrency analyst EGRAG Crypto. This has been ongoing since VET reached its all-time high back in April of 2021.
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However, EGRAG Crypto highlighted that VET’s charts reveal a resilient triple bottom pattern forming around 0.015c. A triple bottom pattern is generally considered to be a bullish reversal pattern in technical analysis and can suggest that selling pressure is diminishing.
If this bullish pattern plays out, the analyst believes VET could target $0.5 or even $0.702.
A symmetrical triangle chart pattern had formed on VET’s daily chart which suggested that a breakout was imminent. If the altcoin’s price breaks below the chart pattern, then it will be at risk of tumbling to the next crucial support level at $0.01070. On the other hand, a break above this chart pattern could see it rise to $0.02125.
A confirmation of the bullish thesis will be when VET closes a daily candle above the closest major resistance level at $0.01750. Technical indicators did, however, show that bears had the upper hand when it came to short-term and medium-term momentum.
The 9-day EMA line was positioned below the 20-day EMA line at press time. In addition to this, both of these technical indicators were positioned bearishly below the 50-day EMA line as well.
Traders and investors will want to take note of the fact that VET’s price had consistently printed higher lows over the past few days. This may be an early indication of the altcoin’s price recovering in the coming week – potentially resulting in it flipping the $0.01750 resistance into support.
At press time, VET was worth $0.01606 after its price rose by 0.93% over the past day of trading. Meanwhile, CoinMarketCap also indicated that VET’s weekly performance was still down by more than 10%.
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