VeChain Price Prediction: VET bulls fearless, aiming for a quick 20% upswing
- VeChain price surged almost 15% as it sliced through Momentum Reversal Indicator (MRI)’s breakout line at $0.074.
- Now, VET aims to surge another 20% towards another MRI's breakout line at $0.10.
- A bearish scenario might come into the picture if the $0.072 barrier gives in to sellers.
Vechain price hints at a continuation of its massive rally as it successfully pierced another supply barrier.
VeChin price poised for another leg up
VeChain price has created two higher highs and three lower lows. The 133% upswing since the latest reaction low is on the verge of making a third higher high.
If these swing highs are connected using trendlines, an ascending parallel channel seems to form. VET’s recent move past the MRI’s breakout line at $0.074 has brought forward a surge in bullish momentum that has increased its market value by 15%.
Additionally, VET bulls have disregarded the second “cycle top” signal presented in the form of a red two candlestick on the daily chart. Usually, this pattern forecasts a one-to-four candlestick correction but, VeChain price has managed to climb 8% since this signal flashed.
Therefore, VET price seems ready for a 20% run-up to the following breakout line at $0.10.
VET/USDT 1-day chart
If buyers start to book profit, VeChain price could risk retracing to a crucial demand barrier at $0.070.
Investors should note that a breach of this level could trigger a 15% correction to $0.060 or a 23% pullback to $0.053.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
