An upward breakout of VET will confirm the presence of a bullish trend

Vechain (VET) has been rising since hitting a low on September 7. A break of the current resistance will confirm the beginning of a new uptrend.

Rebound or bullish breakout?

The VET rate has been falling since August 9, when it reached a maximum of $0.022. During the decline, the price formed several declining highs and a line of downward resistance. However, the quotes managed to bounce back from the low of $0.011 on September 7. Since then, the altcoin has been growing, and at the time of writing the analysis, it was trading near the resistance line.

This line also coincides with the resistance of $0.0155, a break of which will confirm the presence of a bullish trend. Meanwhile, the nearest support is located in the area of $0.0095.

VET chart from TradingView

Technical indicators indicate an improvement in the picture, but do not yet confirm the uptrend:

  • The MACD is rising, but has not yet entered positive territory
  • The RSI has risen above the 50 level, but so far it does not signal a bullish divergence
  • The stochastic oscillator will soon form a bullish intersection

A bullish intersection and the MACD in positive territory will serve as confirmation of the bullish trend.

VET chart from TradingView

Wave analysis

Cryptocurrency Trader @Crypto618 adheres to the bearish forecast for VET and notes that the altcoin has completed the formation of a long-term bullish structure and will decline in the near future.

Source: Twitter

The dynamics of VETH since July 8 resembles a correction in the form of A-B-C (orange in the chart below), which suggests that the price has found the bottom on September 4. The fact that the A:C wave ratio is 1:1.61 indicates a high probability that the correction has ended.

In addition, the current dynamics look impulsive, possibly signaling the beginning of an uptrend. Thus, until the $0.11 minimum is broken, the scenario with a new bullish momentum remains relevant.

VET chart from TradingView

So, the altcoin VET, apparently, has started a new uptrend. A break of the $0.015 resistance will confirm the improvement of the technical picture and the prospects for price growth.

Disclaimer


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