Can VeChain achieve a breakout with a bullish cycle that has failed and is looking for redemption at the 50-day EMA?
VeChain’s price fell from $0.051 per VeChain to just $0.019 between 3 March and 7 September, a decline of over 61.15%. VeChain has returned to the game following a market recovery. It is challenging its resistance line overhead.
Currently, price has dropped back down to 50-day EMA. Hopes for a break out remain. VeChain could be fueled by the recovery of the wider market.
VeChain Crosses – $0.023
The daily chart shows the number of days in the week. VeChain’s Price action shows a downward trend. The bearish phase started with a rejection at the psychological $0.051 mark.
The growing bearish pressure created primary and secondary trend lines of resistance, resulting a bearish alignment in the daily EMAs. The 50-, 100-, and 200 day EMAs are currently in a bearish pattern.
A falling channel has been completed by changes to the underlying dynamics. Fibonacci-based, the latest bullish cycle started at $0.0199 and tested the trendline resistance overhead close to the Fibonacci level of 73.60%. This was $0.02736.
This confluence is further accentuated by the Fibonacci 23.60% level located below the 200 day EMA. High selling pressure near these key resistance levels led to the collapse of recent bullish cycles. It resulted specifically in a fall below the 100 day EMA on Monday, a 5.56% drop.
VeChain Breakout chances
VeChain, despite the recent decline, has been able to hold its place at the 50 day EMA. It also experienced an intraday gain of 2.52%. The current price is $0.0249. A bullish piercing has been formed.
Altcoins that hold above dynamic support are still in a position to break out. Bullish rallies above the Fibonacci 23.6% level may challenge the trendline of primary resistance at $0.030. VeChain’s critical support levels are $0.02378, and $0.020.
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