VeChain Price Analysis: VET/USD’s bullish bias intact while above 21-DMA
- VET/USD rebounds on Saturday but remains within familiar ranges.
- No. 19 coin to find solid support at 21-DMA amid bullish RSI.
- Daily chart signals the path of least resistance is to the upside.
The bullish tone around VeChain (VET/USD) remains intact on Saturday, despite a temporary pullback seen a day before.
From a short-term technical perspective, the path of least resistance for the altcoin appears to the upside, especially after it charted a classic descending triangle breakout on the daily sticks last Tuesday.
The coin’s break above the 21-daily Simple Moving Average (DMA) added credence to the breakout.
Therefore, buyers aim for the pattern target at 0.0248 in the coming days. Ahead of the target, the 0.0205 level could offer stiff resistance. The next hurdle awaits at the July 8 high of 0.0222.
The Relative Strength Index (RSI) points upward above the midline at 60.90, backing the case for the further upside.
Meanwhile, any pullbacks could meet immediate support at 0.0175/0.0172, the convergence of the horizontal 21-DMA and descending triangle resistance-turned-support.
The next support is aligned at Tuesday’s low of 0.0168, below which the 0.0150 level could challenge bears’ commitment. That level is the intersection of the upward-sloping 50-DMA and pattern horizontal support.
VET/USD: Daily chart
-637324768823772957.png&w=1536&q=95)
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
