Vechain - Potential bottom in
Since topping out in Apr 21 Vet has been in a bear market witnessing a major decline in price.
But since the start of the new year Vet, like many other cryptos have witnessed a rally in price.
This rally has resulted in a breakout of a major trendline resistance that has rejected the price of Vet multiple times in the past.
Vet is above both the 9, 21 and 50 ma on the daily which is bullish and has broken through a key structure level that has acted as support and resistance going back, and seems to be approaching its Nov high.
Providing Vet can remain above its moving averages and structure level that is around 0.02077 to 0.02175 then there's a good chance that Vet has potentially bottomed out (blue line).
A slight pullback may be on the cards but overall I think its highly probable that Vet will break through its Nov high and then head towards the highs that it made in May and August (red line).
But since the start of the new year Vet, like many other cryptos have witnessed a rally in price.
This rally has resulted in a breakout of a major trendline resistance that has rejected the price of Vet multiple times in the past.
Vet is above both the 9, 21 and 50 ma on the daily which is bullish and has broken through a key structure level that has acted as support and resistance going back, and seems to be approaching its Nov high.
Providing Vet can remain above its moving averages and structure level that is around 0.02077 to 0.02175 then there's a good chance that Vet has potentially bottomed out (blue line).
A slight pullback may be on the cards but overall I think its highly probable that Vet will break through its Nov high and then head towards the highs that it made in May and August (red line).
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