- 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.
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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Binance CEO calls CFTC suit “disappointing” as district court halts Voyager $1 billion sale to Binance.US

Voyager’s deal with Binance’s United States entity, Binance.US, faced another hurdle on March 27, the same day that the Commodity Futures Trading Commission (CFTC) went after the crypto exchange. This is the second time in the span of a month that Voyager’s deal has been objected against by the government.
90% of Ethereum supply leaves exchanges as regulators struggle to classify ETH as Security or Commodity

Ethereum is known not only as the second-biggest cryptocurrency but also as the second-generation cryptocurrency. The blockchain not only brought Decentralized Finance (DeFi) to the crypto space but also framed a target on its back following its Proof of Stake transition plan.
This is how EOS holders responded to the network's EVM testnet launch, what to expect this week

The first milestone on the EOS Network Foundation’s roadmap, the completion of the EOS EVM (Ethereum Virtual Machine) code, was achieved on March 22, starting the countdown to the launch of the EOS testnet. Well, it is finally here and the community is elated as it brings them closer to the mainnet release on April 14.
XRP price recovers above $0.44 as court ruling approaches, will Ripple win against the SEC?

XRP price has kept its momentum, flashing green on the one-day timeframe as the countdown to the Ripple vs SEC lawsuit continues. The remittance token is moving in tandem with our prediction last week, soaring by a significant margin to secure a place among the best-performing cryptocurrencies on a one-week timeframe.
Bitcoin: Should you trust this BTC sell signal or wait for $34,000?

Bitcoin price shows a clear picture of its rally after it breached a long-term bullish pattern in mid-January. As the rally takes a breather, sell signs have started to emerge, which is putting investors in a confused state.