VeChain [VET] price prediction: Will $0.037 support spark recovery?
VET’s breakout from the descending channel faced a $0.037 retest.
Technical indicators and bearish sentiment signaled consolidation before any potential recovery.
VeChain [VET] has experienced a sharp retracement after breaking out of its long-standing descending channel. The altcoin was trading at $0.03866, down 11.47% in the last 24 hours.
While the breakout initially signaled a positive shift in momentum, the recent price movement suggested caution, as VET appeared to be heading toward a critical retest of the $0.037 support level.
The next few sessions could determine whether VET regains bullish momentum or faces extended consolidation.
Can VET hold the $0.037 level?
The breakout from the descending channel was a significant development for VET. However, the retracement toward the $0.037 level highlighted the market’s uncertainty.
If this level holds, it could act as a foundation for the next move toward the $0.05 resistance.
Additionally, the 50-day SMA at $0.02566 and the 200-day SMA at $0.02659 were moving closer to forming a golden cross. Historically, such crossovers are bullish indicators.
Therefore, maintaining the $0.037 level is crucial to preserving upward potential.
What do technical indicators say?
The RSI for VET was 63.03 at press time, slightly below the overbought threshold. While this reflected positive sentiment, the recent dip aligns with the price retracement, indicating reduced bullish pressure.
Meanwhile, the MACD’s bullish histogram was narrowing, suggesting momentum is fading.
The signal line was also nearing a bearish crossover, which could lead to short-term downward pressure.
Consequently, technical signals suggested that VET may consolidate further before attempting a breakout toward higher levels.
