• It seems that Vechain price broke out of an ascending triangle pattern on the 12-hour chart.
  • The long-term price target for the bulls is located at $0.026.

Vechain was trading inside a long-term ascending triangle pattern on the 12-hour chart from which it has broken out and now aims to hit a new 2020-high at $0.026. The digital asset faces very little resistance to the upside.

Vechain price looks strong and poised for a run to $0.026

On the 12-hour chart, Vechain bulls were able to push the digital asset above an ascending triangle pattern, cracking the critical resistance level at $0.018 decisively, with Vechain price hitting $0.0196. 

vet price

VET/USD 12-hour chart

Vechain has managed to conquer the 50-SMA and the 100-SMA and turn both into support levels. The breakout of the ascending triangle means that VET targets $0.026, a 43% move which can be calculated using the height of the pattern as a reference point.

The only potential bearish outlook for Vechain is a re-test of the broken resistance level at $0.018. Usually, after a breakout above a triangle pattern, the digital asset might come back down to re-test the previous resistance. 

vet price

VET/USD 12-hour chart

Additionally, there seems to be an RSI divergence with the price on the 12-hour chart as Vechain price has set higher highs, but the RSI established lower highs. This is considered bearish. The potential price target for bears would be the 50-SMA at $0.016. 

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.

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