Key VeChain (VET) Price Indicators Signal a Big Move Ahead – Here’s the Outlook

VeChain (VET) price shows signs of breaking out since market indicators suggest an upcoming trend reversal.

Crypto analyst CryptoBusy has highlighted a falling wedge pattern, bullish divergence, and oversold conditions on the Relative Strength Index (RSI) in a recent analysis of VeChain (VET).

The analyst also noted the onboarding of super dApps by VeBetter.com and the expanding enterprise adoption within the VeChain ecosystem, which may contribute to increased demand and long-term growth.

Falling Wedge Pattern on VET Daily Chart

A falling wedge pattern is observed on the daily VET/USDT chart, which CryptoBusy shared in his analysis. This pattern typically precedes bullish price movements.

As the trend progresses, market participants continue lowering the price through downward-sloping trendlines, which converge towards each other.

On the chart, heavy VET/USDT volumes are present within a range from $0.0260 to $0.0270, while resistance levels are encountered at $0.0330 and $0.0350. A breakout above these levels may trigger a rising trend, targeting the next resistance zone between $0.0380-$0.0400.

CryptoBusy suggests that traders can wait for a breakout over $0.0300 for confirmation of the pattern's validity.

Relative Strength Index (RSI) Indicates Oversold Conditions

The Relative Strength Index (RSI) remains below 50, indicating that VET is currently in an oversold condition.

However, CryptoBusy detects a bullish divergence pattern emerging as the price nerves lower but the RSI develops upward waves. Such divergence may suggest that selling pressure is weakening, leading to potentially rising buying interest.

Moreover, the Moving Average Convergence Divergence (MACD) is also showing signs of a change. Although it remains in negative territory, the MACD line is nearing a crossover above the signal line.

The histogram bars are also shrinking in height, suggesting that bearish momentum is diminishing. Should the MACD crossover take place, it might strengthen the argument for a price reversal.

Key VET Price Levels to Watch

At the time of the analysis, VET faced immediate resistance between $0.0300 and $0.0330. Should the price break through this level, the next objective is $0.0380–$0.0400, a range that once acted as significant support.

On the downside, support holds at $0.0260–$0.0270. A decline beneath this range would question the optimistic perspective.

The analyst stresses that verification is crucial and recommends waiting for a breakout accompanied by increased trading volume prior to making any choices.

According to Coingecko data, the price of VeChain has dropped by 0.34% to 0.03392 in the past 24 hours and increased by 3.21% over the week. The trading volume exceeds $58 million per day as the market capitalization reaches more than $2.75 billion.

Bullish technical signs are in place, and traders are keeping a watchful eye out for a breakout. According to CryptoBusy’s analysis, a possible rally could occur if resistance levels are broken.