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Cryptoknowmics 2022-06-09 23:51:58

VET Technical Analysis: New Support Trendline Teases $0.033 Breakout

VET prices showcase a bullish reversal from the $0.026 mark to form an ascending triangle. Will buyers shatter the ceiling resistance at $0.033? Key technical points: The market prices show a bullish recovery of 8.72% over the past 24 hours. The ascending triangle provides a bullish breakout entry opportunity. The 24-hour trading volume of Vechain is $186.97 Million, indicating a hike of 37.54%. Past Performance of VET With the sell-off driving the VET market value by 60% in April and May resulting in a sharp fall to the $0.026 from the heights of $0.085 in the daily chart. The downfall cracks under all the crucial EMAs and finally shows a recovery rally coming into action. As the recovery rally forms a higher low formation an ascending triangle takes shape with the help of a new support trendline in place. Source- Tradingview VET Technical Analysis The VET price grows by 25% in the last four months within the ascending triangle pattern and teases the bullish breakout possibility with a new bullish engulfing candlestick. Moreover, the growing buying pressure evident by the surge in trading volume support the price jump increases the breakout possibility. The three crucial daily EMAs 50, 100, and 200-days remain in a bearish trend after the downfall and take a roke of providing resistance. However, the MACD and signal lines display an uptrend after avoiding bearish crossover possibilities with the bullish momentum growing in th...

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VET Technical Analysis: New Support Trendline Teases $0.033 Breakout

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