VeChain Price Forecast: VET edges closer to a breakout
- 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
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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
