VeChain VET price shows an ambiguous outlook as it has set up a textbook price uptrend with a series of higher highs and higher lows, but technical indicators hint at a downtrend.
VeChain VET price has been a high-performing asset since the start of the current price bull run in early January. Of late, though, VeChain price seems to be experiencing a slowdown after hitting an all-time high of $0.279 on April 17.
The supply zone that extends from the VeChain price of $0.228 to $0.245 has prevented VET from heading on a full-blown price upswing. This resistance support barrier has prevented the bulls from ascending three times over the past two months.
While this can be interpreted as bearish, the series of higher highs and higher lows over roughly the same period shows a VET bullish formation.
However, the Momentum Reversal Indicator has flashed a cycle top signal in the form of a red ‘one’ candlestick pattern on the 6-hour chart. This setup projects a one-to-four candlestick pattern correction.
Regardless of the bearish setup, if VeChain VET price produces a swift close above $0.245, it would signal the start of a new uptrend.
In such a case, VET price could surge nearly 9% to tag the recent swing high at $0.266. Following the breach of this level, if the buying pressure persists, the VET price could set up a new high at $0.303, coinciding with the 161.8% Fibonacci extension level.
On the flip side, if the MRI pushes the VET price below the support barrier at $0.222, it would invalidate the aforementioned bullish scenario.
If this were to happen, VET price could fall 13% toward the next demand level at $0.192.
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