The technical analysis of the VeChain price movement has revealed a significant development in the completion of a retest after breaking out of a falling wedge pattern. For those unfamiliar, a falling wedge is a bullish pattern in technical analysis where the price action forms lower highs and lower lows, converging into a tighter range before the breakout.
This pattern typically signals a shift from a bearish to a bullish trend, which is exactly what has been observed with VET. The chart analysis from the CW page on X clearly shows this pattern with the price action moving out of the wedge, indicating a potential reversal and the beginning of an upward trend.
VET price Retest Confirmation and Current Market Action
Following the breakout, VeChain’s price underwent what is known as a retest. This is when the price returns to the level it broke out from, now acting as a support level, before resuming its upward trajectory. The chart provided by CW displays this behavior, where after the initial breakout, the VET price dipped back to touch the former resistance line of the wedge but did not fall back inside, confirming the breakout’s strength and the validity of the bullish signal.
The post by CW suggests that with the retest completed, VeChain is poised for a rally. This prediction is visually supported by the chart, which shows a clear upward movement in VET price post-retest. This rally could be the start of a significant price increase, as the market often sees such movements after technical patterns like the falling wedge are confirmed.
VET Target Price Analysis
The analyst sets a target price of $0.1 for VeChain, a goal that aligns with technical analysis expectations post a falling wedge breakout. Typically, the price targets after such a breakout are calculated by measuring the height of the wedge at its widest and projecting that distance from the breakout point. Although the chart does not explicitly show this target, the analyst noted that the upward trajectory suggests that a move toward $0.1 is within the realm of possibility, reflecting the optimistic sentiment shared by the analyst.
VET Price Projections
The chart includes a projection line that curves upwards, indicating a strong expectation of price growth for VeChain. This projection isn’t just a hopeful guess but is based on the technical setup of the breakout and retest, suggesting that the VeChain price could see considerable appreciation in value moving forward.
The chart shows an increase in trading volume around the time of the breakout. This surge in volume adds credibility to the bullish scenario, as higher volume during a breakout often means stronger market conviction behind the price movement.
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The analysis supported by the chart, paints a promising picture for VET price. The completion of the falling wedge breakout and subsequent retest are strong bullish indicators. With a rally seemingly underway and a target price set at $0.1, VeChain presents an intriguing opportunity for investors.
