VeChain price on the cusp of a massive 40% move to new all-time highs
- VeChain price had a breakout from a descending wedge pattern.
- The digital asset has a significant price target of $0.283 in the long term.
- Bears have lost a lot of fuel in the last 24 hours.
VeChain price has seen a significant rebound in the last two days from a low of $0.154 toward $0.223. VET had a breakout from a key pattern on the 4-hour chart and aims for a new all-time high.
VeChain price aims for $0.283 in the longer term
Vechain formed a descending wedge pattern on the 4-hour chart which can be drawn connecting the lower highs and lower lows with two trend lines that converge.
VET/USD 4-hour chart
The long-term price target is $0.283, which is a 38% move calculated by measuring the height from the beginning lower trendline to the beginning of the upper one.
VET/USD 4-hour chart
However, a loss of the 50 SMA on the 4-hour chart at $0.205 would be a bearish sign and can likely send VET down to the 100 SMA at $0.193. A breakdown of this key support would even drive VeChain toward $0.146.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
