VETUSD put on a show back in July with a 150% rally.
Since then, VeChain’s token VET has lost ground.
However, a pullback like this after gaining more than 1,000% since the March low is perfectly normal.
Not only that, but it’s necessary to keep the uptrend healthy.
And when you consider that the rest of the crypto market has also pulled back since August, this VET weakness is no surprise.
But as I’ve been saying on Twitter for months, the higher time frames continue to look incredibly attractive.
Notice how VETUSD is holding above previous multi-year highs near 0.0085.
It’s even catching a bid in the area just above one penny.
The daily time frame (below) looks even more attractive.
Following that July rally, VETUSD tried to carve a higher high but failed to sustain it.
That led to a 57% pullback as of last week’s low.
Furthermore, the crypto has formed a textbook falling wedge pattern against the backdrop of the March uptrend.
The chart pattern below points to an imminent break higher.
Just remember that VET could have one more pullback to go before this pattern breaks.
If so, keep a close eye on the 0.0085 support area I mentioned above.
A daily close above wedge resistance near 0.0123 would confirm the breakout and open the door to an 85% rally toward 0.023.
Disclaimer: I hold a position in VeChain (VETUSD). The information in this post is NOT financial advice.