- Vechain price is trading inside an ascending parallel channel on the 12-hour chart.
- A breakout above the upper boundary of the channel will lead VET to new all-time highs.
- VET has been trading inside a robust daily uptrend for the past two months.
Vechain established an all-time high at $0.121 on April 7, continuing to trade inside the daily uptrend that started in mid-February. VET bulls defended a significant support level in the past 48 hours and are now aiming for a new leg up to new all-time highs.
Vechain price primed for significant upswing if key barrier is cracked
On the 12-hour chart, Vechain has established an ascending parallel channel that can be drawn by connecting the higher highs with a trendline and the higher lows with another one.
VET/USD 12-hour chart
VET has managed to stay above the parallel channel's middle trendline and aims for a breakout of the key resistance at $0.123. After a move above the upper boundary, a new channel can be drawn, projecting the next price target at $0.14, followed by $0.16 in the long-term. There is practically no real resistance ahead as Vechain is in price discovery mode.
VET/USD 12-hour chart
To invalidate the bullish outlook, bears need to push Vechain below the middle trendline at $0.108. This breakdown will lead VET down to the parallel channel's lower boundary at $0.09, coinciding with the 50-SMA support level.
Losing this key support point would be notable, with the potential to drive Vechain price down to the 100-SMA support level, located at $0.07 at the time of writing.
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