VeChain (VET) Treads Water Awaiting Next Big Move

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In Brief
  • VET is facing resistance at $0.019. The next resistance and support levels are found at $0.028 and $0.008.

  • The price is following a descending resistance line, and possibly trading inside a descending channel.

  • VET has likely completed a five-wave Elliott formation.

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VeChain (VET) has been one of the best performing cryptocurrencies since hitting an all-time low in March. The VET/USD pair increased by 1,500% in the three months that followed. However, failure to reach a close above an important long-term resistance level has lead to the possibility that the upward move has ended and the price has begun a corrective period. VET Battles Major

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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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