VECHAIN BREAK ABOVE DESCENDING TRENDLINE SPARKS RALLY SPECULATION
- VeChain price breaks above the descending trendline, suggesting a bullish move.
- Sideline buyers can accumulate VET between $0.0247 and $0.0239.
- A daily candlestick close below $0.0204 would invalidate the bullish thesis.
VeChain (VET) price broke above a descending trendline earlier this week, suggesting a bullish trend ahead, and consolidates around 0.0263 on Friday. Potential buyers on the sidelines may consider accumulating VET from $0.0247 to $0.0239 before anticipating an upward rally in the coming days.
VeChain price shows potential for a rally
VeChain price broke above the descending trendline, drawn by joining multiple swing highs from June 7 to July 8, on Tuesday and rallied 4% in the next two days.
Sideline buyers looking for opportunities can wait for a pullback to the trendline breakout zone between $0.0247 and $0.0239.
If VET finds support around the trendline breakout zone, it could rally 24% to retest the 61.8% Fibonacci retracement level at $0.0303, measured from its swing high of $0.0366 on June 6 to its swing low of $0.0201 on July 5.
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