Vechain (Vet) Is Nearing A Bullish Breakout!

Vechain (VET) Is Nearing A Bullish Breakout!!!

The Vechain (VET) price has been rising this year, which is excellent news for investors. Although it hasn’t reached the long-term resistance line set since its all-time high, it has successfully reclaimed the $0.022 support area. This is a positive sign for the future price, as it indicates a deviation from the previous breakdown (green circle).

In March 2023, VET created a higher low, marked by a long lower wick (green icon). This, along with the weekly RSI moving above 50, is a clear indication of a bullish trend. If this upward movement continues, we could see VET reaching the resistance line at $0.034.

However, it’s important to note that a weekly close below $0.022 would invalidate the bullish forecast. In this scenario, the VET price could decrease toward $0.015. So, investors should watch the weekly closing prices closely to make informed decisions about their investments.

In April, Vechain (Vet) Is Expected To Break Out Following The Completion Of Its Correction

When we analyze the daily time frame of Vechain (VET), it’s clear that the price action is similar to that of the weekly time frame. The deviation below and reclaim of the $0.023 horizontal support area (also the 0.618 Fib retracement support level) are evidence of this.

Unlike the weekly time frame, the VET token price has already broken out from a short-term descending resistance line. This is great news for investors.

Another positive indicator is the daily RSI, which has moved above 50. This supports the continuation of the upward movement toward $0.038.

However, investors should keep a close eye on the daily closing prices. A daily close below $0.022 would nullify April’s bullish VET price prediction, causing a drop toward $0.015.

Vechain (Vet) Is Nearing A Bullish Breakout!!!
Credits: beincrypto

Overall, the most likely Vechain price forecast is an increase towards $0.038. But, as with all investments, there is a risk involved. So, investors should always do their due diligence before making investment decisions.

Also Read: In Q1 2023, Bitcoin Surpasses The Top Five Major Indexes By 170%

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