- VeChain (VET), Layer 1 platform, sees price dip ~7% (~$0.022) despite positive news like MiCA approval, Dana White role
- Carter’s analysis includes upside VET price targets up to $0.0570 should the bullish falling wedge breakout confirm
- Immediate VET technicals remain weak (RSI ~41, near lower Bollinger Band), testing the analyst’s bullish breakout thesis
Layer 1 smart contract platform VeChain (VET) has secured the coveted MiCAR license, a big step meant to boost confidence and open up operations across 27 European nations.
Adding to the positive news, the project also brought influential UFC President Dana White onboard as an advisor, aiming for wider mainstream attention.
What Other Developments Support VeChain?
These weren’t the only positive developments. VeChain partnered with Stella Pay on a new VeBetterDAO Visa card. This card lets users spend B3TR, VET, and VTHO tokens directly using the global Visa network. VeChain even offered early card users a 200 B3TR token bonus.
Related: July Could Be Big for VET: Analyst Eyes Significant Gains After VeChain Upgrade
And just this past Monday, major exchange Bybit also listed VET, expanding trading access.
How is VET Price Reacting to This News?
Despite these positive fundamental developments, the price of VET has experienced a near 7% dip in the last 24 hours, currently trading around $0.02235 after reaching a daily high of $0.02425.
However, crypto analyst Jonathan Carter remains optimistic. He noted VET recently broke out from a “falling wedge” pattern on its daily chart – a pattern that often signals a bullish reversal. Carter suggests this breakout points VET towards potential price targets of $0.0275, $0.0400, $0.0480, and possibly up to $0.0570.
What Do VET’s Technical Indicators Show Right Now?
Looking at the current indicators though, the picture is still a bit weak, testing Carter’s bullish view. The RSI currently sits at approximately 41.20, below the neutral level of 50. This suggests that the asset is not currently overbought and could have room for upward movement.
On the other hand, VET price is currently trading near the lower band of the Bollinger Bands (20 SMA at $0.02217, lower band at $0.01981, upper band at $0.02443). Typically, when the price touches the lower band, it can indicate oversold conditions or the continuation of a downtrend.
Related: VeChain CEO Talks MiCA Approval and Real-World Utility—Why UFC’s Dana White Backs the Project
However, a bounce from this level, coupled with the falling wedge breakout mentioned by the analyst, could signal a potential upward move. The upper band around $0.02443 could act as an initial resistance.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
Source: https://coinedition.com/heres-the-bullish-falling-wedge-pattern-analyst-carter-sees-for-vet/