VeChain bulls defend the uptrend as VET rebounds towards $0.16

VeChain (VET) price has been on the back foot for most of November with a 35% devaluation. But of late VET price has seen bears  stopped in their tracks at the monthly pivot where inflows from bulls has increased buy-side volume and halted the decline. With that uptick, a trend reversal could be on the cards, with bulls running up VET price action again towards $0.16.

VET price sees bullish reversal with a possible retest of $0.16 by this weekend

VeChain price has been backsliding ever since the failed break of the monthly R2 at $0.18. Neither $0.15 nor  a few ascending trend lines were a match for the bearish push. With the way open, bears started to accelerate towards the monthly pivot level at $0.12.

VET price is seeing a turn in sentiment today, however, with bulls stepping in and buy-side volume picking up. This is shown in the Relative Strength Index (RSI) that has seen an uptick, back towards more neutral levels. With that uptick, more bulls will not want to wait for $0.11 as an entry anymore – with the historical support and 200-day Simple Moving Average – but instead use the monthly pivot and the 55-day SMA at $0.12 as an entry point.

VET/USD daily chart

Expect bears to start accelerating their profit-taking, as the foreseen price target of $0.11 will not be met. This will spark more demand on the buy-side and could see a quick reversal of the down move on Thursday. Once bulls reclaim the green ascending trend line as support, expect a squeeze and pop above $0.16 to possibly $0.18 by next week.