VeChain [VET] fixated on the $0.02695 target – Is it feasible?

ambcrypto.com:

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

VeChain [VET] has steadily appreciated since the end of March – chalking an ascending channel. It rose from $0.01938 but hit the stiff resistance level of $0.02496. The above resistance level has blocked VET’s further uptrend momentum in the second half of March. 

Read VeChain [VET] Price Prediction 2023-24

Bitcoin [BTC] broke out and crossed $30K. Despite the expected US Consumer Price Index (CPI) data on 12 April, BTC continued consolidating narrowly above $30K – reinforcing the overall bullish sentiment. Any surge above $30K could set VET to overcome its key obstacle.

Source: VET/USDT on TradingView

At press time, VET had dropped to the ascending channel’s lower boundary of $0.02393. The above level doubles as a confluence area with the $.02379 support. As such, sellers may be cautious at this confluence area as bulls could gain entry into the market, especially if BTC surges beyond $30K. 

If BTC maintains above $30K regardless of the US CPI data highlights, VET could clear the hurdle at $0.02496. A close above $0.02496 and an uptrend confirmation may set VET to target at $0.02695 resistance level or the range of $0.02695 – $0.02870. 

A session close below the confluence area, particularly $0.02379, will invalidate the above bullish thesis. Such a move could attract more selling pressure, especially if BTC drops below $30K. The $0.02200 support could slow the drop. 

The Relative Strength Index (RSI) has been predominantly above the 50-mark – signaling increased buying pressure in the past few days. However, a cross below the 50 mark could confirm sellers’ leverage.