VeChain Price Forecast: VET at risk of a 30% downswing, according to technical analysis
-
VeChain price is contained inside a broadening wedge pattern on the 12-hour chart.
-
The digital asset faces strong selling pressure in the short-term, according to a key indicator.
-
VET faces only one crucial resistance level before a potentially massive breakout.
VeChain has been trading inside an uptrend on the 12-hour chart, but a key indicator just presented a sell signal, increasing its selling pressure. The digital asset will likely see a pullback before a potential new leg up.
As of writing, VET is trading at $.095.
VeChain price on the verge of a major correction
VeChain has established an ascending broadening wedge pattern on the 12-hour chart. The digital asset is trading right at the top trendline, but the TD Sequential indicator has just presented a sell signal.
The confirmation of this sell signal has the potential to drop VeChain down to $0.084 in the short-term, at the lower boundary of the pattern. A breakdown below this point would drive the VeChain price towards $0.07.
To invalidate the bearish outlook, bulls will need to push the VeChain price above 0.098, which will also invalidate the sell signal. A breakout above the upper trend line resistance of the pattern will promptly drive VeChain towards $0.12.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
