VeChain Price Forecast: VET breaks through consolidation phase targeting a new all-time high
|- VeChain begins uptrend to a new all-time high after breaking the crucial resistance at $0.3.
- VET/USD sits on a large demand zone, while very little resistance can be spotted on the upside.
VeChain is breaking out toward record highs after overcoming a critical resistance barrier around $0.03. Recovery has been consistent since last week. The break above the 50 Simple Moving Average on the 4-hour and the 100 SMA appears to have validated the bullish outlook.
VeChain on the Launchpad for a 32% upswing
The token endured a correction to the lows near the 100 SMA early last week following a wall at $0.03.VET/USD made a series of higher lows to a resistance level that rejected further advancements.
Such market action resulted in the formation of an ascending triangle on the 4-hour chart. A horizontal line can be drawn along with the swing highs, while a rising trendline is created to connect the higher lows.
A recent spike in the buying pressure behind the altcoin has allowed it to surpass the overhead resistance. In the meantime, it could liftoff 32% to $0.041 based on the ascending triangle formation. The target is arrived at by measuring the distance between the two highest points of the triangle and adding it to the breakout point.
VET/USD 4-hour chart
IntoTheBlock's IOMAP model reveals that VeChain faces little to no overhead pressure as it grinds to all-time highs. Once the subtle seller congestion between $0.033 and $0.035 is shattered, an open-air will be left for VET/USD to explore and discover new price levels. Note that only one address bought 72 VET in this zone.
On the flip side, VeChain is sitting on top of enormous support is unlikely to be broken. The robust support runs from $.023 to $0.025. Here, 747 addresses previously bought nearly 218 million VET.
VeChain IOMAP chart
On the other hand, VeChain may fail to hit new all-time highs if the momentum loses steam. Holding above $0.3 and the triangle's hypotenuse will also help to avert losses that may be extended to the 50 SMA and the 100 SMA.
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