VeChain currently displays an intriguing descending channel pattern.

Traders eye a target price of $0.0268 for VET.

VET (VeChain) has been exhibiting a Descending Channel pattern on the daily time frame, indicating a period of consolidation and potential price reversal. As the price approaches the upper boundary of the channel, a breakout above the resistance area could indicate a shift in the market sentiment and the start of a bullish rally.

In the world of cryptocurrency trading, technical price analysis plays a crucial role in identifying potential trading opportunities. One popular pattern that traders often observe is the Descending Channel pattern. This pattern is characterized by a series of lower highs and lower lows, forming parallel trendlines that slope downwards. The Descending Channel indicates a period of consolidation and typically precedes a potential price reversal.

VET Price Analysis: Trade Setup

Entry: According to the Smart Money Concept, a fresh entry can be considered at $0.0172. Moreover, preferably after the breakout above the resistance area. This entry point aligns with the expectation of a slight bullish rally following the confirmed breakout. Waiting for the breakout confirmation can provide added confidence in the trade setup.

Target: The target for this trade setup is set at $0.02687, representing a significant upside potential from the entry level. This target reflects the anticipated price movement once the breakout above the resistance area is confirmed. It is important to note that targets are subject to market conditions and can be adjusted based on the price action and ongoing market analysis.

Stop Loss: To effectively manage risk, it is recommended to set a stop loss at $0.01615. Placing the stop loss below the entry level helps protect against potential downside risks. By defining a clear exit point, traders can limit their potential losses in case the trade does not go as expected. Stop losses should be determined based on individual risk tolerance and the overall market volatility.

More so, traders should consider monitoring key support and resistance levels, volume trends, and any relevant news or events that may impact the price of VET. Regular evaluation of the trade’s progress will help determine whether any adjustments or early exits are necessary.

Disclaimer: Any information contained in this article is not proposed to be and doesn’t constitute financial advice, investment advice, trading advice, or any other advice. The NewsCrypto is not responsible to anyone for any decision made or action taken in conjunction with the information and/or statements in this article.

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Filed under: Bitcoin - @ June 23, 2023 7:10 pm