- VeChain (VET) holds above the 200-day EMA, suggesting potential for an imminent breakout.
- Volume decline during price drops indicates long-term VeChain (VET) buying interest.
- Bitcoin corrections will likely impact VeChain (VET), with expected short-term volatility before a significant rally.
VeChain (VET) is at a critical juncture in its market performance. As highlighted by crypto analyst Cheeky Crypto in a recent YouTube video, despite a 40% decline since announcing its partnership with the Better Tomorrow Partnership, VET has outperformed many other altcoins. The token is currently encountering resistance at the 50-day exponential moving average (EMA) and simple moving average (SMA).
Simultaneously, it is seeking support around the 200-day EMA. If VET can establish and maintain this support, a breakout could occur. However, a close below the 200-day EMA could lead to further declines, potentially testing the 2.9 to 3.22 cent range.
The current price action represents a standard corrective move, not indicative of a long-term downward trend. Short-term volatility is expected, but there is potential for a significant upside run following this correction.
…The post VeChain (VET) Tests Key Support Levels, Breakout Potential Looms appeared first on Coin Edition.