VET Challenging Resistance and Could Pull Back to $0.03495

VETUSDT is attempting a challenge at the $0.04820 resistance level. If it manages to close a daily candle above this threshold today, it could have the foundation needed to continue rising in the next 48 hours. VET could subsequently rise to the next barrier at $0.05750.

On the other hand, failure to close today’s trading session above $0.04820 may trigger a wave of panic selling from traders. This could then put the VeChain price at risk of dropping to the immediate support level at $0.03495 in the following week. Continued sell pressure may even pull the altcoin’s value down to within the consolidation channel between $0.02935 and $0.03495.

Despite the potential threat that the VeChain price may correct in the coming week, there is a medium-term positive trend line that has formed on the altcoin’s daily chart over the past couple of weeks. This trend line could stay in effect for as long as VET remains above the middle level of the sideways channel, which is situated at around $0.03207.

Technical indicators on the crypto’s daily chart point to a continuation of VET’s positive trend in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are flagging bullish.

The MACD line is breaking away above the MACD Signal line, which may be a sign that VET’s bullish trend is growing stronger. In addition to this, the RSI line is also rising above its Simple Moving Average (SMA) line. Traders generally see this as a signal that bulls are growing stronger against bears. However, the steep ascent of both technical indicators could be followed by a sharp drop soon, so traders may want to keep an eye out for any signs that VET’s bullish trend will turn bearish.