VeChain has plunged by more than 60% from the peak traded in August at $0.023 before embracing support at $0.009.
A recovery ensued, lifting the token above $0.01, but immense seller congestion appears to have capped the bullish price action.
VET/USD is doddering at $0.0118 after suffering a rejection marginally below the 100-day Simple Moving Average.
The bearish price action has already extended beneath the 200-day SMA. Meanwhile, the token’s downside is holding slightly above the 50-day SMA.
Before hitting a wall against the resistance, VeChain made a remarkable breakout above a descending wedge pattern. The pattern is created by connecting higher highs and lower lows using trendlines. Usually, descending wedges signal that an extended downtrend is approaching an elastic limit, and a reversal is around the corner. Besides, a breakout above the wedge tends to occur before the trendlines converge, as observed on the chart.
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