The Vet crypto token appears to be at the last line of defense, the lower border of the channel on the daily chart that rests on the $0.10 price mark. The VET/USDT pair has been on a downward slope all week long, and a lower close on the day will mark 4 days of consecutive losses for the Vet crypto token.
A lack of decisiveness among bulls on many of the top altcoins continues to plague this pair. However, the presence of the falling wedge provides some hope for bulls desperately looking for a reprieve. The Vechain price prediction indicates that the last line of defense remains a pivot on which bulls can spring the price out of the wedge. If this fails to play out, the Vet crypto token could be on its way further south.
The pattern formations on the daily chart will form the basis for the VeChain price prediction outlook. The recent price action and the redrawn wedge show that the price is still contained within the pattern but close to the resolution point. The active candle is testing the support provided by the channel’s lower edge, following rejection at the wedge’s upper border. A bounce on the channel’s lower boundary could give the necessary filip for bulls to initiate the breakout above the wedge. This breakout move would target completion at the 78.6% Fibonacci retracement level of 0.12778. A break above this level enables continuation towards 0.16132, with 0.18449 lining up as an additional target to the north.
On the flip side, a breakdown of the channel’s lower border allows for a further decline which targets 0.08054, with 0.05996 lining up as an additional target to the south. This move would negate the falling wedge pattern.
