VeChain Price Analysis: VET breakout explores open-air toward the beckoning $0.06


  • VeChain has renewed the bullish outlook with gains eyeing $0.06 in the wake of a technical breakout.
  • The upswing to new record highs will be validated on stepping above the 38.2% Fibonacci level and the 50 SMA.
  • Overhead pressure could create a wall at $0.045, delaying the anticipated liftoff.

VeChain has lifted off the recent support at $0.0.35. The bullish momentum increased in intensity after stepping above the 200 Simple Moving Average (SMA) on the 4-hour chart. Gains are likely to continue, especially after the VET broke above descending trendline resistance.

VeChain eyes a 44% upswing toward $0.06

VeChain is on an upward roll after breaking above a descending triangle. Usually, this pattern is bearish, but there are instances when the negative outlook is ignored in favor of a breakout. For instance, VET is dancing at $0.043 at the time of writing after rising past the triangle’s upper trendline.

Minor resistance at the 50 Simple Moving Average (SMA) will have to come down for VeChain to continue with the uptrend. However, the real test will be stepping beyond the hurdle highlighted by the 38.2% Fibonacci retracement level taken between the last swing high of $0.061 and $0.035. The rest of the journey to $0.06 will occur on account of the triangle breakout.

VET/USD 4-hour chart

VET/USD 4-hour chart

An inverse head-and-shoulders (H&S) pattern on the daily chart brings to light the possibility of a 95% rally. Initially, VeChain broke above the neckline but hit a snag at $0.061 (all-time highs). Following the rejection, the price tested the neckline support and is on the verge of another rally to a new record higher. The inverse H&S pattern is massively bullish in technical analysis.

VET/USD daily chart

VET/USD daily chart

Looking at the other side of the fence

The confluence resistance highlighted by the 50 SMA and the 38.2% Fibonacci level on the 4-hour chart must be broken for gains toward $0.06. However, if the selling pressure remains unshaken, VeChain will cancel the rally and begin to search for another formidable support.  The 23.6% level is in line to offer anchorage in a downswing from the current price levels.

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.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

China considers Bitcoin and cryptos as investment tools, VET and NEO prices soar

The deputy governor of the People’s Bank of China stated that Bitcoin and cryptocurrencies are investment tools. China will issue new regulations in the future as stablecoins are gaining traction as payment solutions. VeChain and NEO prices soar as the recent announcement was made.

More Bitcoin News

The Graph Price Prediction: GRT bulls’ 30% upswing to face stiff resistance levels

The Graph price recently broke out of a descending parallel channel indicating a 30% bull rally on the horizon. Transactional data shows that $1.80 holds a massive concentration of underwater investors that could hamper the upswing.

More The Graph news

Cosmos Price Prediction: ATOM to restart its 85% advance

Cosmos price is consolidating inside a bullish pennant pattern, targeting an 85% upswing. ATOM needs to clear the 12-hour supply zone ranging from $26.18 to $28.64 to establish a bullish outlook. A decisive close below $16.37 will invalidate the bullish outlook.

More Cosmos news

XLM Price Prediction: Stellar bulls prepare for 200% advance to new highs

XLM price tapped the lower trend line of an ascending parallel channel during the recent crash. A continuation of the bounce from this level shows the promise of a 200% bull rally to $1.42, a new all-time high. Stellar could start a new downtrend if the lower range of the demand zone at $0.40 is shattered.

More Stellar Lumens news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs

Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.

Read the weekly forecast

BTC

ETH

XRP