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VeChain (VET) Retesting Key Breakout – Is a Bounceback on Horizon?
By: coinsprobe|2025/05/16 14:00:13
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Date: Fri, May 16, 2025 | 05:50 AM GMTThe cryptocurrency market has shown strong upside strength, with Ethereum (ETH) leading the charge. ETH has climbed more than 62% over the past month and is now trading near the $2,550 mark — its highest level in months. This resurgence is also lifting sentiment across major altcoins, including VeChain (VET).VET is currently showing monthly gains of over 31%, but with the latest drop, a key breakout is now being retested — suggesting that another bounceback might be on the horizon.Source: CoinmarketcapRetesting Inverse Head and Shoulders BreakoutOn the daily chart, VET has formed a textbook inverse head and shoulders pattern — a classic bullish reversal formation that signals a potential trend shift from bearish to bullish.After bouncing from the right shoulder near $0.02392, VET successfully broke above the neckline resistance around $0.028, which also coincides with the 100-day moving average. This bullish breakout carried the price to a local high of $0.03397.VeChain (VET) Daily Chart/Coinsprobe (Source: Tradingview)But the rally lost steam near the top. Sellers stepped in, and VET retraced over 15%, pulling back to the same neckline area it had just broken through. This $0.027–$0.028 zone is now being retested — a move that often occurs after a breakout and is critical for determining whether the uptrend will resume.What’s Next for VET?This current zone of $0.027–$0.028 is acting as the key support level. If VET manages to hold above it and attract fresh buying interest, the pullback may turn out to be a bullish retest — potentially setting up a new rally. In that scenario, the next major resistance lies at $0.03646, which represents a possible 23% upside from current levels.On the other hand, if the price slips below this key zone and fails to regain it quickly, the inverse head and shoulders breakout could be considered invalid. That would raise the risk of further downside, possibly pushing VET back toward the $0.025 or even $0.023 range.Ultimately, VET’s short-term direction will likely hinge on the broader market sentiment — particularly whether Ethereum can sustain its recent momentum and continue pulling the altcoin market higher.Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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