VeChain: How this pattern could shape VET’s near-term trajectory

ambcrypto.com:

After finally breaking out of its pennant and invalidating the bearish tendencies on 23 May, VeChain (VET) bears resurged at the $0.034-level. This volatile break was quickly short-lived as VET dropped back into the chains of its Point of Control (POC, red).

The confluence of the EMA ribbons alongside the POC has created a stiff hurdle in the $0.03147-zone. Further retracements could find resting grounds at the $0.03018-mark.

The buyers still had a long way to re-navigate the price to claim an edge. At press time, VET traded at $0.0307, down by 1.81% in the last 24 hours.

Source: TradingView, VET/USDT

In revving up their efforts to boost the selling pressure, VET sellers provoked multiple rallies while keeping a consistent control on the alt’s peaks. The altcoin lost over 73% (from 31 March) of its value and plunged toward its 15-month low on 12 May.

Since then, the buyers made a visible effort to test the resistance of the EMA ribbons in the 4-hour timeframe. Despite their successful efforts in reducing the gap between the EMA lines and finding a spot above them, the sellers yet again prevailed. 

With the Evening star candlesticks playing a spoilsport, the 20 EMA tilted slightly toward the south. In the last two days, the fruition of the bearish efforts into a down-channel (white) retracement. VET could go on to test the lower trendline of the channel before finding any pullback strength.

The buyer should be wary of supporting the $0.03-zone by injecting more volumes to prevent fallout. The current buying pressure could at most keep up the chances of a tight phase (near its POC) alive.

Source: TradingView, VET/USDT

For the last three days, the bearish RSI struggled to break open the resistance of its equilibrium. A potential