• VeChain price has been locked in a cumulative zone following an explosive surge in the middle of April.
  • The consolidation phase seems to be part of a bull flag pattern developing on VET’s daily chart. 
  • Slicing through the resistance trendline at $0.22 could see this cryptocurrency retest the recent all-time high or march to new record highs. 

VeChain price surged by over 200% during the first two weeks of April, creating a new all-time high at nearly $0.30. VET has retraced by over 50% since then and is currently trading at $0.16. Now, the digital asset seems ready to resume its uptrend as it tries to break out from a continuation pattern.  

VeCahin price consolidates before the next leg up

VeChain price is forming lower highs and lower lows on the daily chart. Joining these pivot points using a trendline creates a flag, where the 200% upswing that preceded this act seems to have formed the flagpole. Such price action appears to have led to the formation of a bull flag pattern, which indicates that VET uptrend is expected to continue.

A breakout above the flag’s resistance trendline at $0.22 could increase the chances for a 68% upswing to surpass the recent all-time high of $0.30 and reach a new one of $0.36. This target is measured by adding the length of the flag pole to the breakout point. 

If VeChain price manages to break through its all-time high and flips this level into support, VET could be driven towards nearly $0.70, representing a 207% rally as calculated by the flagpole’s height. 

VET/USDt 1-day chart

VET/USDt 1-day chart

VeChain price action must remain above the critical support zone at $0.14 to add credence to the optimistic outlook. Otherwise, the bears would win control

The downswing might result in further selling, pushing VeChain price toward $0.07. This price acted as stiff resistance between March and April, suggesting that it may be a strong support zone in the event of a correction.


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai Price Prediction: FET must hold above $1.70 for strength

Fetch.ai price has dropped nearly 45% since late March as broader markets started bleeding. FET bulls must defend $1.70 if they want to keep the upward thrust alive, signaling strength on the AI coin. A break and close below $1.59 would mean a lower low, invalidating the bullish reversal thesis.

More Fetch.ai News

OKX executives depart from exchange while its XLayer Chain goes live

OKX executives depart from exchange while its XLayer Chain goes live

Two senior executives at crypto exchange OKX, Tim Byun and Wei Lan, have left the company after years of heading key roles, according to a CoinDesk source. However, the company is making expansion moves through the launch of its own Layer 2 (L2) chain.

More Cryptocurrencies News

Traders eyeing long positions could have their rally soon as funding rates flip negative

Traders eyeing long positions could have their rally soon as funding rates flip negative

Bitcoin (BTC) price remains on a load-shedding exercise, a sentiment that has spilled over to the broader market. Nevertheless, the bleed seen across the cryptocurrency market could end soon amid possible shifting market sentiment.

More Cryptocurrencies News

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

Prisma Finance hacker could be uncovered after investigations by on-chain analyst

On March 28, DeFi protocol Prisma Finance suffered an attack on one of its smart contracts, resulting in a loss of 3257 ETH worth $11.1 million. Prisma Finance immediately halted its protocol after the hack, ordering users to revoke access to the smart contract.

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP