Which way will VET go?VeChain ( VETUSD ) has seen some massive gains this bull cycle, going from $0.035 in February 2021 to its current ATH at $0.28. We have been seeing some consolidation since that ATH in mid-April, and forming a descending triangle .
Descending triangles are usually noted as being a bearish continuation pattern, but since VETUSD has been bullish , I'm not necessarily bearish . BTC dominance is dropping and alts have already been seeing massive gains relative to BTC , such as BNB or ETH. ]
The $0.145-0.16 range is an accumulation zone for VETUSD on the 4hr timeframe, which forms our horizontal line of the descending triangle . If we break to the upside, our price target is the $0.26-0.31 range (measured from ATH and first resistance point to accumulation). The range of the price target is dependent on where we break out.
A break to the downside would mean a 79% drop of VETUSD and a price target of $0.03. I find this unlikely that we would go down that much however, due to the fact that result in a market cap of $2.6 billion from its current market cap of $12.3 billion. This drastic of change would most likely have to occur from a fundamental issue or an overall crypto market change.
