• VeChain price is consolidating in a descending parallel channel on the 1-hour chart.
  • A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing.
  • Supporting this bullish outlook is the MACD indicator’s bullish crossover.

VeChain price moves a step closer towards the parallel channel’s upper trendline as bullish momentum increases. A successful breakout hints at a 5.65% uptick in VET price to $0.051.

VeChain price eyes higher highs

VeChain price has formed three swing highs and swing lows, all lower than the previous one, in under 48 hours. Drawing trendlines around these pivot points results in a descending parallel channel.

This setup forecasts a 5.65% bull rally determined by adding the channel’s height to the breakout point at $0.048. Such a target puts VET at $0.051.

VET/USDT 1-hour chart

VET/USDT 1-hour chart

Supporting the optimistic outlook is the recent bullish crossover printed by the Moving Average Convergence Divergence (MACD). The golden cross between the 12 one-hour exponential moving average (EMA) and the 26 one-hour EMA represents a shift in short-term momentum from bearish to bullish.

Investors should note that a 1-hour candlestick close above $0.050 will create a higher high and hence act as a secondary confirmation for the uptrend.

Nonetheless, if VeChain price slides below the $0.046 support level, it would signal the start of a downtrend. In such a scenario, VET could head towards the channel’s lower trendline at $0.044.

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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