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<ul> 
 <li>VeChain (VET) breaks the descending trendline, sparking optimism.</li> 
 <li>Potential 24% rally if VET maintains momentum.</li> 
 <li>Daily close below $0.0204 invalidates the bullish scenario.</li> 
</ul> 
<p><a href="https://cryptonewsland.com/vechain-at-a-key-support-level/" target="_blank" rel="noreferrer noopener">VeChain</a><a href="https://cryptonewsland.com/vechain-at-a-key-support-level/"> (VET)</a> has broken above a descending trendline, which has sparked optimism among crypto enthusiasts. Meanwhile, analysts believe that this breakout is the beginning of the highly-awaited significant growth in the price of VET.</p> 
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   <p lang="en" dir="ltr"># VET Descending Channel Formation in 12H Timeframe <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2705.png" alt="✅" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/D6adSbHmXz">https://t.co/D6adSbHmXz</a><br><br>A breakout is anticipated soon<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/VET?src=hash&amp;ref_src=twsrc%5Etfw">#VET</a> <a href="https://twitter.com/hashtag/VETUSDT?src=hash&amp;ref_src=twsrc%5Etfw">#VETUSDT</a> <a href="https://twitter.com/hashtag/DeFi?src=hash&amp;ref_src=twsrc%5Etfw">#DeFi</a> <a href="https://twitter.com/hashtag/Layer2?src=hash&amp;ref_src=twsrc%5Etfw">#Layer2</a> <a href="https://t.co/ZaoS5AgGUl">pic.twitter.com/ZaoS5AgGUl</a></p>— CryptoBreakout_trade (@breakout_expert) <a href="https://twitter.com/breakout_expert/status/1812165033385980090?ref_src=twsrc%5Etfw">July 13, 2024</a>
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<h2 class="wp-block-heading" id="h-the-breakout-and-technical-analysis">The Breakout and Technical Analysis</h2> 
<p>VET formed a <a href="https://cryptonewsland.com/vechains-30-pump-supports-analyst-expectations/" target="_blank" rel="noreferrer noopener">descending</a><a href="https://cryptonewsland.com/vechains-30-pump-supports-analyst-expectations/"> channel</a> in the 12-hour time frame, indicating a bearish trend. However, the recent breakout above the trendline suggests a potential reversal. The breakout occurred earlier this week, and VET currently consolidates around $0.0263.</p> 
<p>For sideline buyers eyeing an entry point, the range between $0.0247 and $0.0239 is crucial. Waiting for a pullback to this breakout zone could provide an opportunity to accumulate VET. If the cryptocurrency finds support within this range, it may rally significantly.</p> 
<h2 class="wp-block-heading" id="h-price-targets-and-indicators">Price Targets and Indicators</h2> 
<p>Should <a href="https://vechain.org/" target="_blank" rel="noreferrer noopener nofollow">VET</a> maintain its momentum, a rally of up to 24% is possible. The 61.8% Fibonacci retracement level at $0.0303 serves as a key target. This level is measured from VET’s swing high of $0.0366 on June 6 to its swing low of $0.0201 on July 5.</p> 
<p>The Relative Strength Index (RSI) indicator on the daily chart is also showing positive signs, breaking above the neutral level of 50. Additionally, the <a href="https://www.forex.com/en-us/news-and-analysis/what-is-the-awesome-oscillator/" target="_blank" rel="noreferrer noopener nofollow">Awesome</a><a href="https://www.forex.com/en-us/news-and-analysis/what-is-the-awesome-oscillator/"> Oscillator</a> (AO) is on its way to doing the same. These momentum indicators align with the bullish thesis, potentially providing tailwinds for the recovery rally.</p> 
<p>However, caution is necessary. If VET’s daily candlestick closes below $0.0204 (the weekly support level), the bullish scenario would be invalidated. Such a move would create a lower low on the daily timeframe, potentially leading to a 6% decline, revisiting the November 22, 2023 low of $0.0192.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4> 
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/shiba-inu-breaks-out-of-descending-triangle-signals-potential-bullish-run/">Shiba Inu Breaks Out of Descending Triangle, Signals Potential Bullish Run</a></li> 
 <li><a href="https://cryptonewsland.com/dogecoins-bullish-breakout-historical-patterns-hint-at-new-bull-market/">Dogecoin’s Bullish Breakout: Historical Patterns Hint at New Bull Market</a></li> 
 <li><a href="https://cryptonewsland.com/top-analysts-view-is-xrp-gearing-up-for-a-5000-rally/">Top Analyst’s View: Is XRP Gearing Up for a 5,000% Rally?</a></li> 
 <li><a href="https://cryptonewsland.com/xrp-analyst-predicts-0-70-amidst-pattern-speculation/">XRP: Analyst Predicts $0.70 Amidst Pattern Speculation</a></li> 
 <li><a href="https://cryptonewsland.com/pepe-key-resistance-break-could-signal/">PEPE Key Resistance Break Could Signal Bullish Reversal Amid Bearish Trends</a></li> 
</ul> 
<p>The post <a href="https://cryptonewsland.com/vechain-breaks-out-above-descending-trendline/">VeChain’s Breakout Above Descending Trendline Fuels Rally Hopes</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

VeChain’s Breakout Above Descending Trendline Fuels Rally Hopes

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