VeChain price has more legs to go up as it reaches new all-time highs
- VeChain price broke out from inverse head-and-shoulders supported by volume.
- The 10-week SMA has been critical support since November 2020.
- The top-side trendline is an important price target moving forward.
VeChain price stole the crypto spotlight after rising to a new all-time high of $0.068. While some investors have taken advantage of the uptrend to book profits, VET could be bound for another upswing.
VeChain price is on the rise
VET has kicked off the week with a breakout from a 22-day inverse head-and-shoulders pattern. The bullish impulse is supported by an increase in volume, adding to the pattern's constructive resolution.
The 12-hour chart below shows the clarity of the pattern.
VET/USD 12-hour chart
The key to the outlook for VeChain price is if the gains can hold on a weekly closing basis. Under such circumstances, VET will confirm a bullish move and set sights on potential profit targets.
The first notable profit targets are $0.071 and $0.10, representing the 1.618 and 2.618 Fibonacci extension levels of the inverse head-and-shoulders pattern highlighted in the 12-hour chart above.
A third profit target for VeChain price is the top-side trendline extending from February 2020 through July 2020, which currently sits at $0.11.
Regardless of the bullish outlook, it would be prudent to identify the key level to watch on the downside.
VeChain price since November 23, 2020, has held the 10-week SMA on a weekly closing basis. If the VET breakout reverses, this moving average needs to hold, hovering at $0.041.
A failure to hold above this crucial support level puts the price congestion between $0.030 and $0.025 as the next major interest area.
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