Vechain Technical Analysis: VET/USD trading inside a descending parallel channel close to a bullish breakout towards $0.022
- VET/USD has been trading inside a daily descending channel for almost three weeks.
- Bulls are on the verge of getting a breakout above $0.018 which should have enough continuation towards $0.022.
Descending parallel channels are generally bullish, especially if they happen after a major rally, which is exactly what Vechain experienced. Buyers have defended the daily 26-EMA and bounced above the 12-EMA touching the upper line of the channel.
VET/USD daily chart
This is where the action will happen. While VET can see a bearish or bullish breakout, the latest has more chances of happening considering the overall state of VET and the entire crypto market.
The RSI has cooled off significantly but the MACD remains bearish. VET would need to see a clear breakout above $0.018 to confirm the break of the parallel channel.
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.
