VeChain price gears up for 22% breakout as key support continues to hold


  • VeChain price is preparing for a 22% rally as the token continues to trend higher.
  • As long as the critical line of defense at $0.133 holds, the bullish target is still on the radar.
  • VET may be confronted by two major levels of resistance prior to tagging the optimistic target. 

VeChain price appears ready for an ascent as the altcoin continues to hold above key levels of support. The governing technical pattern presented by VET suggests that the token is ready for a bounce of 22%. 

VeChain price steadies ahead of ascent toward $0.164

VeChain price is gearing up for a considerable climb within the prevailing ascending parallel channel on the 4-hour chart. VET has found a reliable foothold above critical levels of support and is now ready for a 22% bounce toward $0.164.

Investors should also note that VeChain price recently sliced above the multi-month descending trend line on October 21, suggesting a bullish outlook for VET. 

The next obstacle for VeChain price is at the middle boundary of the governing technical pattern at $0.140, coinciding with the October 29 high. 

The Arms Index (TRIN), which gauges overall market sentiment, indicates a reading in favor of the bulls, suggesting that there are more buyers than sellers in the market. 

An additional hurdle may emerge for VET price at the resistance line given by the Momentum Reversal Indicator (MRI) at $0.147, corresponding to the October 26 high before reaching the aforementioned bullish target.

VETUSDT

VET/USDT 4-hour chart

VeChain price is currently supported by the 21 and 50 four-hour Simple Moving Averages (SMAs) at $0.133. If VET continues to tread above this level, it could give the buyers more confidence in reaching the aforementioned optimistic target at $0.164.

However, if a spike in sell orders emerges, VeChain price would discover its next line of defense at the 78.6% Fibonacci retracement level at $0.132, then at the 100 four-hour SMA at $0.129. Additional selling pressure may push VET down toward the support line given by the MRI at $0.124, near the lower boundary of the parallel channel and the multi-month trend line.

If VeChain price slices below the downside trend line of the prevailing chart pattern, the bullish outlook may be voided.

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

Ethereum price bullish reversal sets ETH on a return to $3,820

Ethereum price is forming a bullish chart pattern that projects a 12% bounce toward $3,820. Only a slice above $3,398 would validate the optimistic forecast. A stiff hurdle may emerge at the 78.6% Fibonacci retracement level at $3,709.

More Ethereum news

Cardano price presents buy opportunity before ADA gears up for 40% ascent

Cardano price could tag lower levels before ADA bulls prepare to reverse the period of underperformance. The Ethereum killer could slide toward the January 10 low at $1.07 before falling toward the lower boundary of the prevailing chart pattern at $1.04.

More Cardano news

Algorand price due for a 25% upswing as ALGO reveals a bullish setup

Algorand price has seen a considerable drop over the past 24 hours and shows that this bearish outlook might be coming to an end. As ALGO finds its footing at the current support level, investors can position themselves to maximize the gains that will follow.

More Algorand news

Chainlink must return above this price level or LINK will fall back to $20

Chainlink price is facing difficulties moving above a significant resistance zone on the weekly chart. Failure to close above this resistance on the weekly chart could trigger a strong resumption of falling prices. Chainlink price behavior  for the remainder of Jan will likely be decided this Friday.

More ChainLink news

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis

BTC

ETH

XRP