After recovering from $0.04 to $0.16, the VeChain price has been unable to go higher.
VET has corrected further and is looking for buyer support.
The $0.1 region is placing a strong ceiling on Vechain’s potential future rise.
The VeChain price appears to be in a difficult situation, with little upside potential, but even for sellers, going short VET does not appear to be enticing.
VET appears to be bearish, but it is actually in a weekly triangular pattern, which could indicate an upside break.
VeChain pricing rose from the 200 weekly simple moving average (SMA) at $0.04 after the six-week drop. At that point, a large number of purchasers swarmed to the market, resulting in a two-week rally that pushed the price up to $0.1550.
Since then, VeChain has created a bearish falling trendline and has come dangerously close to retesting the 200 weekly SMA. Buyers rushed in right before the close and drove VET back up to $0.1, but there appears to be little room for further gains. Not only do we have the psychological $0.1 level, which coincides with the descending orange trendline at $0.095, which was respected three weeks ago before obviously breaking to the downside.
Further down, the VeChain price is making higher lows, therefore it will be important to see if $0.073 can hold, as it was a key level in March before the VET rise and retrace.
Weekly chart of the VET/USD currency pair
Overall, the VeChain price is hovering between $0.073 and $0.095 on the downside and $0.095 on the upside. If VET breaks to the downside, look for support at the 200 weekly SMA. The 38 percent Fibonacci level, $0.134, would be the goal of a bullish breakout./n
