Lorenzo Stroe
Independent Analyst
- Vechain price had a significant breakout from an ascending wedge pattern on the 4-hour chart.
- The digital asset has a price target of $0.096 in the long-term as it faces weak resistance ahead.
- VET bears still have the chance of coming back if they can crack key support level.
Vechain has continued to outperform the market and posted a new all-time high at $0.08. The digital asset still has a higher target in the long-term all the way up at $0.096.
Vechain price faces no resistance above $0.08
On the 4-hour chart, Vechain price has just broken out of an ascending wedge pattern which has a price target of $0.096. This 30% breakout is calculated using the height of the pattern as a reference point from the beginning of the pattern's upper trendline to the beginning of the lower trendline.
VET/USD 4-hour chart
Considering that these are new all-time highs for Vechain, the digital asset faces practically no real resistance ahead as long as it can hold the previous resistance trendline.
VET/USD 4-hour chart
To invalidate the bullish target, bears will need to push Vechain price below the previous resistance trendline at $0.0745. This could drive VET towards the lower trendline at $0.07 at first and as low as $0.051 if this level cracks.
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