VeChain Price Forecast: VET prepares for 30% lift-off to record highs

  • The VeChain price has been consolidating in a bullish pennant formation, eyeing a 30% bull run.
  • A decisive close above $0.094 will signal a breakout and the start of a new uptrend.
  • If the sellers push VET below the 61.8% Fibonacci retracement level at $0.087, it will invalidate the bullish outlook.

The VeChain price shows signs of breaking out of the consolidation pattern, hinting that the buyers are eager.

VeChain price on the verge of breakout

The VeChain price is traversing inside a bullish pennant formation as it slid into a consolidation phase after surging nearly 43% starting from March 16. The initial spike in VET created the flag pole, but the subsequent price action that set up a series of higher lower highs and higher lows resulted in a pennant.

The technical formation projects a 30% upswing to $0.123, determined by adding the flag pole’s height to the breakout point at $0.094.

A decisive close above the said area on the 4-hour chart confirms the start of a new uptrend. A secondary confirmation will arrive after the VeChain price surges through its previous all-time high at $0.10.

Beyond this level, the supply barrier at $0.104 will deter any upward trajectory. So it is essential that VET bulls conquer these levels, which will affirm the buyers’ potential. This move will create a foothold for VeChain buyers and allow them to propel the cryptocurrency toward the intended target at $0.123.

VET/USD 4-hour chart

VET/USD 4-hour chart

While a bullish breakout seems like a no-brainer, a spike in selling pressure that pushes the VeChain price below the pennant’s lower trend line could jeopardize the bullish outlook.

A decisive close below the stable demand barrier at $0.087 coinciding with the 61.8% Fibonacci retracement level will invalidate the bullish outlook.

If this were to happen, the Vechain price could drop 5% toward the 50% Fibonacci retracement level at $0.083.

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Cardano introduces Layer 2 solution Hydra, as ADA price looks to rally 25%

Cardano price is grappling with a crucial support floor on the daily time frame as the big crypto experienced a minor crash. Investors can expect ADA to slice through this barrier before restarting its uptrend.

More Cardano news

Binance faces allegations of insider trading by US officials as regulatory clampdown continues

Binance continues to face regulatory scrutiny as US officials are looking into potential insider trading and market manipulation. Investigations are digging deeper into whether Binance or its staff ...

More Binance Coin news

Shiba Inu price consolidates as SHIB bulls prepare for 22% advance

Shiba Inu price rallied exponentially on September 16, slicing through plenty of resistance levels. However, the bullish momentum exhausted as it retested the August 16 swing high.

More Shiba Inu news

Bitcoin might be safe from a global stock market crisis

BTC’s lack of integration with traditional finance and its inability to be forcefully sold to cover financial losses mean the price might not ‘collapse’ if there is a global stock market meltdown. One of the reasons behind Bitcoin's (BTC) volatility, the substantial price oscillations ...

More Bitcoin news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast