VeChain Traders Watch $0.020 Support for Bullish Breakout Chance

VeChain’s price is currently consolidating around the critical $0.020 support level, a key area for bulls to defend to avoid further downward pressure. Analysts are closely watching whether this level can hold, as a successful defense could trigger a bullish reversal and potentially extend the rally toward higher targets. On the other hand, a break below this level could send VET back toward $0.017 or even $0.015, deepening the bearish outlook. Trading volume increased by over 21% in the last 24 hours, indicating rising activity around these pivotal price levels [1].

Matthew Dixon, a veteran financial trader, highlighted that VeChain recently completed a major ABC corrective pattern. This, according to his analysis, places the token at a potential turning point. If the price holds above $0.020, it could initiate a new five-wave bullish impulse. Conversely, failure to maintain this support could lead to a prolonged sideways phase or deeper correction. Dixon emphasized that staying between $0.020 and $0.0225 is essential for any bullish setup, with potential early Wave 1 targets as high as $0.028 to $0.032 if the support level holds [1].

According to CoinGecko data, VET is currently trading at $0.02331, down 3.49% in the last 24 hours. Over the past week, the price has traded within a narrow range between $0.02253 and $0.02665, reflecting the tight balance in the market. RSI is at 41.6, approaching a level that could signal a bullish divergence, potentially leading to a Wave 3 rally with targets as high as $0.038 to $0.045 [1].

CoinCodex forecasts a modest short-term upside, predicting that VeChain could rise 6.87% to reach $0.02453 by the end of August. Despite this projection, the overall sentiment remains bearish, with the Fear & Greed Index at 65, suggesting cautious optimism among traders. The token has seen 60% green days in the past month, but volatility remains at 9.66%, indicating a choppy market environment [1].

Traders are currently in a waiting mode, seeking confirmation of a breakout. If the $0.020 level holds and momentum builds, it could attract trend-following buyers and serve as an early entry zone for bullish positions. However, without a clear impulse forming, the token may remain trapped in a range-bound pattern between $0.015 and $0.028 for the foreseeable future [1].

Source: [1] VeChain Price Prediction: VET Bulls Defend $0.020 as Market Waits for Confirmation (https://blockonomi.com/vechain-price-prediction-vet-bulls-defend-0-020-as-market-waits-for-confirmation/)