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Home Crypto News Analysis VeChain Technical Analysis: VET Looking For 64% Advance

VeChain Technical Analysis: VET Looking For 64% Advance

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VeChain price is forming an ascending triangle, hinting at a 64% rise to $ 0.234. A decisive 6-hour candle close above $0.144 would signal a breakout and a rally. However, a breakdown of the swing low of $0.0835 will nullify the optimistic forecast.

VeChain price is consolidating within a bullish technical formation that predicts a massive uptrend. However, a breakdown of critical support could damage this rally.

VeChain’s price has set roughly three equal highs around $0.144 since May 19, while simultaneously making several higher lows. If these swing points are connected by trend lines, then an ascending triangle appears to be forming. This technical formation projects a 64% rally to $0.234.

vet technical analysis 6/2/21

Interestingly, the VeChain price breakout point coincides with the supply zone, which extends from $0.125 to $ 0.141.

Thus, the bulls need additional momentum to cut through this resistance zone and produce a decisive 6-hour candle close above $ 0.144. Such a move would signal a breakout of the bullish formation and the beginning of an uptrend for the VET.

Investors should also note that the $0.188 supply level could hinder or even stop the VET uptrend. Therefore, buyers need to clear this level in order to reach the target of $ 0.234.

While the situation appears to be improving for Vechin price, market participants should keep a close eye on the support barrier at $0.0824. A breakout of this level will nullify the bullish thesis and cause a 20% collapse to $ 0.0655.

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Albert Brown
Albert Brown is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. Holds major cryptocurrencies and has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.


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