VeChain VET looks to be in a difficult spot with price upside potential very limited, but even for sellers, it doesn’t look appealing to go, short VET.
VeChain price looks bearish but is actually in a weekly triangle pattern, which might hint at a breakout to the upside.
With the correction we saw six weeks ago, the VeChain VET price rebounded from the 200 weekly simple moving average at $0.04. A lot of buyers flocked together at that level and made a recovery that lasted for two weeks, pushing it towards $0.1550
Since then, the VeChain VET price has formed a bearish descending trendline level and almost went for the retest of the 200 weekly SMA. Buyers stepped in just before and pushed the VET price back up towards a price of $0.1, but the further upside looks to be limited. Not only do we have the psychological $0.1 marker that falls in line with the descending orange trendline level, located at a price of $0.095, a level that was respected three weeks ago before clearly breaking to the downside.
Further down, VeChain VET price is producing higher lows, so it will be essential to see if $0.073 can hold, as it was a significant price level in March, before the jump and retrace happened in VET.
All in all, the VeChain VET price is trading in a tight range between $0.073 to the downside and $0.095 to the upside. Should VeChain VET break to the downside, expect support coming in at the 200 weekly SMA. A bullish price breakout would target $0.134, which is the 38% Fibonacci level.
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