VeChain (VET) Price At Pivotal Point, Struggles Within Descending Triangle Pattern

The­ cryptocurrency market is showing signs of volatility, and Ve­Chain is no e­xception. It is curre­ntly at a crucial support level, with its price­

Cryptocurrency prices have been highly volatile in recent times. Among the various digital assets, VeChain (VET) has experienced significant price fluctuations within a descending triangle pattern. As a result, traders and investors have been closely monitoring VET's price movements at crucial support and resistance levels.

According to crypto analyst Yapper, VET's ability to maintain a specific support level is crucial for maintaining its bullish outlook. A breach below this support could lead to lower price targets, impacting traders' sentiments and strategies.

Yapper's analysis highlights a 14% decrease in VET's value over the past week, with a slight increase of 1.1% in the last 24 hours. The 14-day Relative Strength Index (RSI) at 41 suggests mild bearish conditions, indicating potential stabilization or a reversal. However, the weekly RSI of 55.41 reflects recent bullish momentum and a more positive short-term market sentiment.

This analysis comes as VET faces resistance within a descending triangle pattern, with Yapper emphasizing the importance of the current support level. A breakout from this zone could determine whether VET will continue to slide or find support at lower price points.

This sentiment is echoed by several traders who express their doubts about VeChain's future, with some even labeling it a “dead” coin or a “shitcoin.” However, some traders remain optimistic, suggesting that the current dip is a manipulation tactic to liquidate weak hands. They anticipate a bounce from this support level, which could yield significant gains for those holding onto their positions.

Another prominent analyst, Coinlore, states that VET must stay above $0.0255 to aim for higher resistance levels. The first significant resistance level is at $0.0319, with additional targets at $0.0382 and $0.0448. If it manages to rally, these levels could act as key resistance points or indicate potential price increases.

On the downside, the analyst notes the first support level at $0.0255. A drop below this could lead to a more severe decline, with the second support level at $0.0185 being tested. Coinlore's analysis highlights these levels in determining VET's short-term price action.

The market's current bearish trend is also supported by the Exponential Moving Averages (EMAs) on the daily chart, all showing a bearish signal as VET trades below them. Despite these bearish signals, the analyst remains optimistic, predicting that VET could reach $0.0330 within the next ten days, with a long-term forecast of $0.0679 by 2025.