VeChain has been trading inside a descending triangle for the past few days. Although this is a negative model VET It looks like the token will point right and hit left. Because the price level has been holding on to the downward trend line in recent days, and this is considered a positive sign.
The moving averages have flattened out and the RSI is near the midpoint, indicating that bearish pressure may be easing. Buyers will try to push the price above the downtrend line. If they are successful, it will invalidate the negative setup. This could start a fresh increase towards $0.021.
Instead, if VeChain price turns down from the current level, it will indicate that the bears will continue to strongly defend the downtrend line. Afterwards, the price will be tried to pull back to the critical support of $0.014.
The 4-hour chart shows that the price is trading within a falling wedge formation. Buyers are trying to push the price above the 50-SMA and sustain it. If they do this, the VET/USDT pair could reach the downtrend line of the wedge. A breakout and close above the wedge could start a new upward move.
On the other hand, a sharp decline in the price and falling below the 20-EMA will indicate that the parity may remain in the wedge for a while longer.
