VeChain (VET) is showing signs of an imminent major move. Traders are anticipating a breakout or breakdown with key support and resistance levels being tested.
4-Hour Chart Overview
On the 4-hour chart, VET has been moving between $0.024 (support) and $0.026 (resistance), forming a tight trading range. Bulls have attempted to push past $0.026, but strong selling pressure keeps price action contained. If VET breaks above this resistance, it could rally toward $0.0285. However, if $0.024 fails to hold, a decline toward $0.022 is possible. RSI sits near neutral, reflecting market indecision.
1-Hour Chart Trend Analysis
On the 1-hour timeframe, VET is showing mixed signals. MACD is near a potential bullish crossover, hinting at a possible upside move. However, the lack of strong volume suggests that a breakout still needs confirmation. If buying pressure increases, VET could push past $0.026, but another rejection could send it back toward $0.024.
15-Minute Chart Short-Term Movement
The 15-minute chart highlights rapid fluctuations, with VET bouncing off $0.0238 before attempting a recovery. The Bollinger Bands indicate a squeeze, suggesting that volatility will soon increase. A breakout above $0.026 could trigger an uptrend, while failure to hold support could invite further selling pressure.
A confirmed breakout above $0.026 could drive bullish momentum, while a drop below $0.024 could accelerate selling pressure. Traders should monitor volume closely for confirmation.
