VeChain Value Evaluation: Vocational Schooling might retest $ 0.025 if that important resistance provides approach
- VeChain’s technical picture suggests that the token is ready for recovery.
- VET needs to stay above $ 0.016 to confirm bullish stance.
VeChain (VET) is changing hands at $ 0.016 after up about 2% since Monday at the time of writing. With a current capitalization of 1 billion US dollars, the token ranks 26th in the global market rating for cryptocurrencies.
Vocational training is the native token of a blockchain-based supply chain platform that VeChain launched in 2016. The aim is to solve supply chain management problems using distributed governance and the Internet of Things (IoT) technology.
Vocational training is enclosed in an ascending triangle
On the 4-hour chart, VET is trading in an ascending triangle. This bullish pattern implies that the asset is positioned for strong rebound provided the support provided by the hypotenuse is unbroken. Support is currently at $ 0.016.
A recovery from this area brings the x-axis of the triangle into focus at $ 0.0186, with the ultimate bullish target estimated at $ 0.025.
Vocational training, 4 hour chart
If $ 0.016 drops, the immediate bullish scenario will be invalidated, paving the way for a strong sell-off towards $ 0.01. However, the 4-hour EMA200 at $ 0.014 may slow the decline and push the price back into the triangle pattern.
IOMAP (In / Out of the Money Around Price) data confirms support at $ 0.014 as 4,000 addresses have bought nearly 89 million VET between $ 0.014 and $ 0.012. This area can absorb selling pressure and start a rebound.
In / Out of Vocational Education Money to Price Data
On the upside, the insignificant resistance is between $ 0.0167 and $ 0.18. If the upward momentum continues, VET can extend the recovery to at least $ 0.02.
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