Vechain price is inside a tightening range awaiting a potential 40% move

Vechain price is currently contained inside an ascending parallel channel.
Bulls have defended a significant support level and aim for a rebound towards $0.04.
On the other hand, VET bears can drive its price down to $0.028 if the support level breaks.

Vechain has been trading inside a robust uptrend since the beginning of 2021 and has established an ascending parallel channel on the 12-hour chart. The trend seems to favor the bulls which need to crack a key resistance level for a 40% breakout.

Vechain price must climb above this key point to hit $0.055

Vechain has established an ascending parallel channel on the 12-hour chart and bulls have just defended the middle trendline at $0.033. A rebound from this point can drive Vechain price up to the upper boundary at $0.04.

VET/USD 12-hour chart

The most critical resistance level is thye upper trendline of the pattern currently located at $0.04. A breakout above this point will quickly push Vechain price up to $0.055, a 40% move, calculated by using the height of the pattern as a reference point.

On the other hand, losing the middle trendline support would push VET down to the lower trendline at $0.028. Losing this critical level will lead Vechain to a low of $0.017, which is also a 40% move.

Share: Cryptos feed

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.