VeChain (VET) has been moving upwards since reaching a low on May 23.
It is approaching the $0.162 resistance area and potentially trading inside an ascending triangle.
VET bounces after correction
On April 17, VET reached an all-time high price of $0.278. However, it began to decrease almost immediately afterwards, settling on a low of $0.066 on May 23. Since then, it has been moving upwards.,
A strong bullish sign is the increase above the $0.14 low (red line). This confirms that the decrease was not part of a bearish impulse. Furthermore, technical indicators are showing bullish signs, as evident by the bullish cross in the Stochastic oscillator (green icon).
Despite this development, VET has yet to clear the main resistance area, which is at $0.162.
The shorter-term two-hour chart also provides some bullish signs. It shows an ascending triangle, which is considered a bullish pattern. The top of the triangle is at $0.14. So far, VET has made three breakout attempts, the most recent one on June 4.
Currently, the token is trading right at the support line of the pattern. As long as the support line stands, a breakout is expected.
The MACD is positive while the RSI is above 50.
Cryptocurrency trader @CryptoMichNL outlined a VET chart, stating that the main resistance area is at 400 satoshis.
The VET/BTC pair looks more bullish than its USD counterpart for two main reasons:
Firstly, it has already reclaimed the horizontal resistance area at 340 satoshis, allegedly validating it as support.
Secondly, technical indicators are more bullish, since besides the bullish cross in the Stochastic oscillator, the RSI has also crossed above the 50 line.
While the token is still following a descending resistance line, its breakout could trigger a rapid upward movement.