• VeChain price breaks above the descending trendline, suggesting a bullish move.
• Sideline buyers can accumulate VET between $0.0247 and $0.0239.
• A daily candlestick close below $0.0204 would invalidate the bullish thesis.

VeChain (VET) price broke above a descending trendline earlier this week, suggesting a bullish trend ahead, and consolidates around 0.0263 on Friday. Potential buyers on the sidelines may consider accumulating VET from $0.0247 to $0.0239 before anticipating an upward rally in the coming days.

VeChain price shows potential for a rally

VeChain price broke above the descending trendline, drawn by joining multiple swing highs from June 7 to July 8, on Tuesday and rallied 4% in the next two days. 

Sideline buyers looking for opportunities can wait for a pullback to the trendline breakout zone between $0.0247 and $0.0239.

If VET finds support around the trendline breakout zone, it could rally 24% to retest the 61.8% Fibonacci retracement level at $0.0303, measured from its swing high of $0.0366 on June 6 to its swing low of $0.0201 on July 5.