The crypto market successfully bounced from support with major cryptocurrencies recording profits over today’s trading session, VeChain (VET) follows the general sentiment. The cryptocurrency has been able to preserve some of its gains from yesterday’s session and seems poised for further highs.
VeChain, (VET), trades at $0.023. There has been a 2% profit within the last 24 hours and an additional 5% in the 7-days. Although the cryptocurrency may experience significant losses over longer periods of time, it could be beginning to recover in the near term.
VeChain price about to breakout
Justin Bennett analyst claims that the VeChain price has formed a falling wedge structure. Since August 2022 this price pattern was in place.
VeChain experienced an important rally at that point after trading had been going sideways for months between current levels and $0.03. In August, VET’s price attempted to break out of this range but was rejected from those levels.
The result was a huge drop in the price and the formation the “falling wedge”. As VeChain moves at the lows of its range, and with the crypto market bouncing from a critical support zone, VET’s price might be ready to take off, as seen in the chart below.
Per Bennett’s analysis, VeChain might grind higher and touch levels north of $0.03. The bulls must then make one last push to confirm their breakout and take back the $0.04 area. Bennett said: “$VET is starting to look attractive at this range low combined with the falling wedge since August.”
VeChain price to follow this Bitcoin pattern
The fate of VeChain’s price action, and the fate of a large portion of the crypto market, is tied to Bitcoin. This is the top cryptocurrency according to market cap and has led the rally, as any bullish momentum will be slowed by macroeconomic forces.
As NewsBTC reported yesterday, based on Bennett’s analysis, Bitcoin is also at the bottom of a major channel. Below you can see that the cryptocurrency is operating at $18,700 per bottom, and could be poised to reclaim $26,000 as the highest point in its current range.
The bulls might have enough power to propel the price up after consolidation. VeChain still has hope as long Bitcoin remains above $18,700
Similar $BTCAscending channel
Although the price movement is chaotic, $18,700/800 has been stable since 21st.#Bitcoin https://t.co/ICHbqXXNf1 pic.twitter.com/stChhZ7EnW
— Justin Bennett (@JustinBennettFX) September 29, 2022