VeChain (VET) at a Key Support Level, Is it the Beginning of an Uptrend?

• Despite a 40% dip after the Better Tomorrow partnership announcement, VET faces resistance at the 50-day EMA and SMA but seeks support around the 200-day EMA.
• VeChain’s market condition shows less selling pressure despite price drops. Investors are interested in buying VET in the 2.9 to 3.2 cent range.
• While corrections in Bitcoin may impact VeChain, upside volatility is expected. Price spikes above the 50-day EMA and SMA could lead to a significant rally.

VET’s price dipped by 40% since VeChain announced a partnership with Better Tomorrow. Despite this setback, VET is showing a bullish outlook. Currently, VET is facing resistance at the 50-day exponential moving average (EMA) and simple moving average (SMA). However, VET is simultaneously seeking support around the 200-day EMA.

$vet

And here we are.
This better be the bottom, we can’t afford to fall much lower.

Also with the oversold RSI, this is the perfect bounce region.

I’m calling this to be a bottom. I’ll admit my mistake if i’m wrong.#Vechain https://t.co/VZ2E41N5tl pic.twitter.com/3W0yBb9gjz

— abermix (@abermixcrypto) July 5, 2024

A breakout could be imminent if VET establishes and maintains this support level. However, a close below the 200-day EMA might push the price of VET to 2.9 to 3.22 cent range. This current price action represents a standard corrective move rather than a long-term downward trend. One encouraging aspect of VeChain’s market condition is the volume profile.

Despite price drops, the decrease in volume indicates less selling pressure. Investors seem more interested in buying VET on a macro scale, particularly in the 2.9 to 3.2 cent range. This suggests that VeChain’s long-term strength remains intact. Comparing VeChain to Bitcoin, we find similarities. Any correction in Bitcoin could impact VeChain, but there’s also an expectation of upside volatility.

Price spikes above the 50-day EMA and SMA may precede a significant rally. As of writing, the price of VeChain stands at $0.02, with a 12.09% increase in the last 24 hours. VeChain’s journey is marked by key support levels, potential breakouts, and long-term strength. While short-term volatility is expected, the overall outlook remains positive.

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