• VeChain price recovers some of the intra-day losses and recoups ascending channel trend line.
  • Lack of impulsiveness since April 23 keeps rebound categorized as a corrective.
  • VET moving averages remain in uptrends, indicating a basis for support.

VeChain price has orchestrated an ascending channel since the April 23 low, revealing few hints of direction. The ambiguous price action should keep traders on the sidelines until there is a clear resolution of the channel, but the overall bias is tilted to the downside.

VeChain price frustrates both sides of the trade

No doubt, VET has been a leading performer in the cryptocurrency complex in 2021, but since the blow-off move in mid-April and the resulting correction, VeChain price has resisted confirming price direction. The entire bounce has looked more corrective than impulsive.

The intra-day decline today, although noteworthy, did not undercut the May 5 low at $0.181, keeping the series of higher lows intact and VET in a minor uptrend.

A daily close below the channel’s lower trend line at $0.194 would be the first clear signal of future price direction since April 23. If the close is followed by a trade below the May 5 low, it would confirm a minor trend change and a quick test of the 100 twelve-hour simple moving average at $0.159.

If VeChain price trades below the April 23 low at $0.128, it would signal that a more significant trend change is occurring, and traders should be prepared for a deeper correction to the 38.2% Fibonacci retracement at $0.108. A collective sell-off in cryptocurrencies may force VeChain price to test the 50% retracement at $0.081.

VET/USD 12-hour chart

VET/USD 12-hour chart

The bearish narrative is abolished if VeChain price achieves a daily close above the channel’s upper trend line and the April 16 high at $0.278.

According to the data from over 1000 crypto-related channels, including Telegram groups, crypto reddits, discord groups, and private trader chats, VeChain’s daily social volume languishes at a low level. The low reading of VET mentions illustrates that it is not on the radar of retail investors, despite a mild upward trajectory.

VET related mentions on social media

VET related mentions on social media

A subdued level of social interest does provide the basis for buying pressure if VeChain price does eventually resolve the channel to the upside. However, the tight range of the last three weeks suggests that VET requires a catalyst to unravel the cryptic price action and unleash a definitive resumption of the uptrend.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

XRP trading volume soared to $4.4 billion in Q2, recording 98% increase from last quarter

The latest Ripple quarterly report revealed that the cross-border remittance token witnessed a surge in trading volume in the second quarter of this yXRP has seen a massive climb in trading volume in the second quarter this year. The cross-border remittance token recorded four days in Q2 with the highest trading volume in its entire history. The volatility of XRP was considerably higher than that of Bitcoin and Ethereum during this period.

More Ripple News

US clients of Kansas based mining company now avoid tax on BTC mining

A leading mining company in the US offers clients income from Bitcoin mining without triggering a taxable event. The US has emerged as a hub for Bitcoin miners since the BTC hashrate migration. 

More Bitcoin News

Axie Infinity price shows massive bullish potential suggesting AXS is primed for another 140% rally

A brief technical and on-chain analysis on Axie Infinity price. Here, FXStreet's analysts evaluate where AXS could be heading next as it looks primed for consolidation before higher highs.

More Cryptocurrencies News

State Street will expand crypto services for private-fund clients to meet growing demand

State Street is looking to offer its private-fund clients crypto administration services. Last month, the Boston-based bank created a new division focused on digital assets. The American bank aims to meet growing client demand for cryptocurrencies with new service offerings.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast