VeChain (VET) is enjoying a bullish resurgence following the news that leading CEX Coinbase will be adding support for VeChain and VeThor (VTHO).
The listing news comes amid rock-bottom price action for native token VET, which has bled-out -94% since its all-time high at $0.28 in April 2021.
Coinbase’s decision has been long anticipated by the VeChain community, with comments from the leading exchange hinting at a VET listing all the way back in 2020.
VET Price Analysis: Is it Too Late to Buy VeChain After Coinbase Listing Announcement?
Crypto markets have been invigorated by the Coinbase news, and this has driven VeChain to the top of the trading channel, leaving VET trading at a current market price of $0.016 (representing a 24-hour change of -1.21%).
The sudden announcement triggered a significant bounce-off lower trendline support, with price climbing +13.6% in the wake of the news.
Resistance from the $0.165 price level has stalled the rally, triggering a consolidation as buy-pressure continues to hold strong.
Critically, the 20DMA was reclaimed in the upside swing – with VET cracking a ceiling of local moving average resistance that has suffocated price action since July 24.
With the 20DMA now forming under-footing to the ongoing consolidation, VET price action has formed a double-bottomed support pattern that could be indicative of a trend reversal if price pushes higher.
In typical fashion, the RSI heated-up during the +13.6% move, flipping to an overbought signal at 51.75 – further adding to the case that consolidation could be likely here.
While the MACD has flipped to bullish divergence at 0.00013, suggesting upside momentum driven by strong buy pressure will continue.
Overall, the Coinbase announcement has catalysed a strengthening of VeChain’s technical structure, with VET now poised for a trend reversal with a view towards the 200DMA at $0.02.
On the short-time frame, VET has an upside target at $0.0175 (a possible +7.83%) – a move that would demarcate a breakout from the trading channel in a reversal of the downside trend.
However, if VET is rejected from consolidation here, downside risk could see VET plummet back below the 20DMA to $0.015 (a possible -7.58%)
This leaves VeChain with a risk: reward ratio of 1.03, a mediocre entry dependent on consolidation.
But while VET battles to push up, smart money are already investigating alpha for their next big trade using a professional AI trading analytics platform.
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