Categories: Crypto

VeChain VET Price In An Uptrend – Structure Remains Bullish

VeChain VET Price is making slow but steady progress to the upside. The team continues building and staying active with latest developments being added interoperability with other chains. In other words, VET can now be utilised cross-chain. These continued improvements are setting the stage for higher valuations.

https://twitter.com/Crypto_Scofield/status/1925470743850037448?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow

Scofield, boasting 81,900 followers on X, some of whom are other prominent traders, is also tracking the chart and expressing bullish expectations.

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If you have not read last month’s article, please go over it for context. Now let’s go over the chart and analyse for ourselves!

VeChain VET Price Developments: Latest Moves

(VETUSD)

Let’s begin with Daily chart insights. At the end of April, price got to the orange line for the second time. Since then the right shoulder of an inverse Head & Shoulders has formed and the neckline was broken with a single daily candle. It reached $0.034 – the level in the beginning of March. Very strict level to level moves!

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(VETUSD)

Consequently, adding the Moving Averages to our chart helps to get an idea where would price head next. MA200 currently sits at $0.035 and the next line of resistance is at $0.043. Then, one possible scenario, and ideal for me, is if price breaks above MA200, hits the $0.043 level and comes down to retest MA200 before continuing to our yearly high.

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(VETUSD)

Finally, let us look at the 4H timeframe. The main thing I’d like to draw your attention to is RSI and market structure. We are witnessing higher highs and higher lows, which means the trend is bullish. Next, RSI is coming down from the upper levels. Thus, could go down to as low as 30 points before the next leg up.

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