VeChain Pirce Prediction: A key level stands between VET’s completion of 130% bull rally

  • Vechain price has been on a tear, surging 100% in under 11 days.
  • Momentum reversal indicator’s (MRI) breakout level stands between VeChain’s last leg-up.
  • A correction will come into the picture if the demand barrier at $0.061 is taken down.

VeChain price shows an overwhelming bullish momentum that pushed it by more than 100% in under two weeks. Now, VET could surge another 13% if a critical level is breached.

VeChain price poised to move higher

VeChain price has been trending in an ascending parallel channel for a little over two months. This pattern’s trendlines have contained VET’s upswings and downswings, forming higher highs and higher lows.

After hitting a local bottom on February 28, VeChain price initiated a 130% bull run to $0.083 that is still underway. At the time of writing, VET needs another 13% to hit this target, but a critical barrier stands between this run-up.

VET/USDT 12-hour chart

VET/USDT 12-hour chart

According to MRI, a breakout level has formed at $0.073. If breached, VET will continue its uptrend, as even the technical signs hint at a bullish conclusion.

For example, the Parabolic SAR indicator has developed below the price action indicating a bullish bias. The same can be said for the SuperTrend indicator that flashed a buy signal recently.

A continuation of the buying pressure seen thus far that result in a 12-hour candlestick close above the breakout level at $0.073 will trigger a 13% upswing to the target at $0.083

VET/USDT 12-hour chart
VET/USDT 12-hour chart

On the other hand, investors need to note that the bull rally for Vechain price is dependent on the breach o the MRI’s breakout level. A failure to rise past this barrier will result in a one-to-four candlestick correction.

However, if VET bears slice through the 100% Fibonacci retracement level at $0.061, a 17.33% correction to the 78.6% Fibonacci retracement level at $0.050 can be expected,

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Crypto bulls unfazed by flash crash

Bitcoin price action initially shakes off strong selling pressure, finds buyers at support, then resumes some selling pressure. Ethereum price action mixed post-all-time high rejection. XRP price awaits its own bullish breakout and an opportunity to outperform its peers.

More Cryptocurrencies News

MATIC price ready for new all-time highs as $188 million flow into Polygon

The total number of transactions on Polygon network dropped nearly 15% due to a rise in transaction fees over the past week. This hasn’t negatively impacted the network as the number of unique daily active users remained stable. 

More MATIC News

AVAX price offers a bullish opportunity before Avalanche hits new all-time highs

Avalanche (AVAX) price has seen a bullish outbreak on Thursday after it broke out above – and then retested – the red descending trend line at $61.62. With even more buyers and bulls coming in, expect a run towards new all-time highs at $81.

More AVAX News

XLM price building base for bullish breakout

Stellar bulls are in the last phase of completing a bullish triangle. As XLM price is getting squeezed against the base ($0.40), expect a quick breakout of 12%. After taking a breather, expect another 10% of profits to follow. 

More Stellar News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast