The VeChain Price Surges by 12% Following Coinbase Listing Announcement
The VeChain (VET) price experienced a 12% increase on September 13, which can be attributed to the recent announcement of its listing on Coinbase. However, the reaction to the $0.016 level will play a crucial role in determining the future of the price.
Can VeChain Price Reclaim Horizontal Support?
An analysis of the weekly timeframe for VET reveals mixed signals. Although the price initially dropped below the $0.016 horizontal area in June, it quickly reclaimed this level, indicating a bullish trend. Additionally, the RSI (Relative Strength Index) shows an upward movement, albeit still below 50.
The RSI is a momentum indicator used by traders to assess market conditions and make informed decisions regarding asset accumulation or selling. An RSI above 50 and rising suggests an uptrend with buying opportunities, while an RSI below 50 and declining indicates a downtrend with potential selling opportunities.
VET Price Prediction: Will Double Bottom Materialize?
Coinbase’s announcement on September 12 regarding its support for VeChain and VeThor resulted in a 12% price surge. Furthermore, it confirmed a double bottom pattern relative to the price on August 17, which is considered bullish and often leads to upward movements. The RSI also exhibited significant bullish divergence during these bottoms.
To confirm this pattern, VET needs to break out from a descending resistance line that has been present since July. This breakout would also coincide with the $0.016 horizontal area, further confirming the bullish trend reversal.
Hot Take: Potential Upside if $0.016 Level is Reclaimed
The future of VeChain’s price prediction hinges on its ability to reclaim the $0.016 level or face rejection. Reclaiming this level could potentially lead to an 85% increase, while rejection may result in a 35% drop.
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