VECHAIN – ALTCOIN CHART ANALYSIS

VeChain (VET) has had a strong week. After we had previously been heavily sold off, prices were able to recover relatively quickly and adapt to the market environment.

We are currently trading at around USD 0.027 and thus directly at our horizontal resistance, at which we were recently rejected.

So it will be extremely important that we can break through this resistance. For this, however, we need an impulsive breakout with a lot of volume, which we have been missing again and again lately.

In order to get a bullish momentum, it will be important that we can sustainably break through the area around USD 0.0274. There is also the monthly resistance R1.

In the RSI we still have plenty of room for improvement on the daily chart. If we manage to break through the above resistance, we have room to around USD 0.03.

A consolidation would be desirable here and a renewed retest of the zone around USD 0.0274. If this zone then holds, we can break the downtrend and start a new rally. If we don't manage this, we fall back down the old range.

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