VeChain (VET) is attempting to breach the 50-day MA, signaling a potential shift from a bearish to bullish trend.
VeChain exhibits a bullish falling wedge pattern, suggesting a breakout when the price breaks above the upper trendline.
VeChain’s supply chain solutions and broader crypto market recovery contribute to its bullish outlook.
VeChain (VET) is on the cusp of a significant breakout. Currently trading at $0.0287, VET is trying to breach the 50-day and 50-week moving averages (MA). This critical zone could be the key to substantial gains.
#VETVeChain forming falling wedge on 12H timeframeSuccessful breakout above ma 50 could lead to 50-60% price increaseCrypto Traders-join Telegram https://t.co/caOlZBzS3k . pic.twitter.com/pjJsAcGZTA
— Whales_Crypto_Trading (@WHALES_CRYPTOx) July 13, 2024
The Significance of the 50 MA
The 50 MA is a vital indicator that signals a change in trend. When a cryptocurrency breaks above this average, it can indicate a shift from a bearish to a bullish trend. For VeChain, this breakthrough could mark the start of a major uptrend.
At present, the price of VET has reached 50 MA on both the daily and weekly charts. The coin has shown resilience by maintaining its position just below this crucial level. A sustained move above the 50 MA could spark a rally, potentially leading to a significant price surge.
The Falling Wedge Chart Pattern
The falling wedge pattern is another factor to consider. This pattern is a bullish signal that often forms when the price makes lower highs and lower lows, converging towards a point.
Once the price breaks above the upper trendline, a breakout is confirmed. VeChain is currently exhibiting this pattern, adding weight to the bullish sentiment.
Moreover, market conditions are ripe for a VeChain breakout. Recent developments in the crypto space, including positive regulatory news and increased adoption, have created a favorable environment. The overall market sentiment is shifting, with many investors eyeing VeChain as a potential high-reward asset.
VeChain’s fundamentals also support a bullish outlook. The platform continues to innovate, offering solutions for supply chain management and other industries.
Furthermore, the broader crypto market is showing signs of recovery. Bitcoin and other major cryptocurrencies have rebounded, lifting the entire market. This recovery is likely to have a positive impact on VeChain, driving its price higher.
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