- Vechain price must continue to hold a critical support level to see a bullish reversal.
- VET has been trading in a tightening range while trading volume declines.
- A significant move is underway according to several indicators.
Vechain had a significant rebound already climbing by more than 35% since its low of $0.0346. VET managed to climb above a critical resistance level which is now acting as a robust support point. The next potential price target for the bulls would be $0.05.
Vechain price aims for $0.05 after holding key level
On the 6-hour chart, Vechain price climbed above the 100-SMA, currently located at $0.041, and managed to hold this level several candlesticks in a row. The trading volume of VET has dropped significantly in the past 24 hours, which indicates a major move is underway.
VET/USD 6-hour chart
The next resistance point is the high of February 24 at $0.0465. A breakout above this level should swiftly push Vechain price towards the 50-SMA at $0.05. Turning this level into a support could drive Vechain towards $0.06 in the near future.
However, if the 100-SMA fails to hold, VET would be poised for a dive towards the 200-SMA support level established currently at around $0.035.
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