Vechain price aims for significant rally thanks to renewed bullish momentum
- Vechain price is contained inside an ascending parallel channel on the 4-hour chart.
- The digital asset faces one key resistance level before a potential 20% breakout.
- In the past two weeks, VET has been trading inside a robust uptrend.
Vechain had an amazing recovery from a local bottom of $0.036 on February 28. The digital asset is currently trading at $0.065, higher than its previous 2021 peak of $0.06.
Vechain price faces just one barrier before $0.08
On the 4-hour chart, Vechain has established an ascending parallel channel. The upper resistance trendline is located at $0.067, which means that a breakout above this point should drive VET towards $0.08 in the long-term.
VET/USD 4-hour chart
However, a rejection from the upper boundary will invalidate the bullish outlook and will likely drive Vechain price down to the lower trendline, currently established at about $0.059.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
