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.
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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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