Key Takeaways:
- VeChain is range-bound between $0.01318 and $0.089
- Support at $0.01318 holds strong
- Early accumulation signals suggest possible future trend reversal
- Momentum and trend confirmation are required for bullish outlook
VeChain has endured a bear market since April 2021, with prices trending lower for over two years. However, the decline appears to have stabilized around June 2023, as the market shifted into a sideways trading pattern. This consolidation phase suggests that sellers are losing control and buyers may be quietly building positions—a classic accumulation signal following a major downtrend.
Symmetrical Triangle Breakdown and Recovery
The most recent significant chart pattern for VeChain was a symmetrical triangle that lasted roughly six months before breaking downward. The subsequent price drop reached around –48%, aligning with the pattern’s expected target and coinciding with one of the largest liquidation events of this crypto cycle.
Despite this sharp decline, VeChain rebounded quickly, indicating strong buyer interest near key support. Typically, a triangle breakdown signals the start of a new downtrend, but in this case, the breakdown occurred just above a strong support zone, making the bearish signal less convincing.
Also Read: VeChain Price Prediction: Can VET Continue Its Weekly Momentum?
Key Support Levels and Trading Range
VeChain’s primary support level sits near $0.01318, which has been tested previously and is currently being retested. The broader trading range is defined by:
- Resistance: ~$0.089
- Support: ~$0.01318
As long as the price remains within this range, VeChain is considered range-bound rather than trending, indicating a period of consolidation and potential accumulation.
Candlestick and Technical Indicators
The current weekly candlestick is forming a hammer, suggesting sellers tried to push prices lower but were met with strong buying pressure. Confirmation of a reversal may come through patterns like Bullish Engulfing, Morning Star, or Doji formations at support.
Also Read: VeChain’s Hayabusa DPoS Testnet: The Upgrade That Could Change Everything
Key technical indicators reveal:
- RSI (34.77): Bearish momentum persists
- CMF (Chaikin Money Flow): Bullish divergence suggests smart money accumulation
- MACD: Trend direction remains downward but losing momentum
- ADX (18.40): Weak trend, confirming sideways movement
Together, these signals imply early-stage accumulation: volume is improving first, momentum may follow, and trend changes are likely last.
Neutral Outlook With Slight Bullish Bias
VeChain remains in a wide consolidation range following a prolonged bear market. While strong support around $0.01318 continues to hold and volume signals indicate accumulation, momentum and trend confirmation are still pending. Investors should monitor for confirmed bullish reversal patterns supported by stronger momentum to anticipate a potential upward move.
