fxs_header_sponsor_anchor

Vechain Price Forecast: VET targets 30% breakout with no barriers ahead

  • Vechain price had a significant breakout from an ascending wedge pattern on the 4-hour chart.
  • The digital asset has a price target of $0.096 in the long-term as it faces weak resistance ahead.
  • VET bears still have the chance of coming back if they can crack key support level.

Vechain has continued to outperform the market and posted a new all-time high at $0.08. The digital asset still has a higher target in the long-term all the way up at $0.096. 

Vechain price faces no resistance above $0.08

On the 4-hour chart, Vechain price has just broken out of an ascending wedge pattern which has a price target of $0.096. This 30% breakout is calculated using the height of the pattern as a reference point from the beginning of the pattern's upper trendline to the beginning of the lower trendline.  

VET/USD 4-hour chart

Considering that these are new all-time highs for Vechain, the digital asset faces practically no real resistance ahead as long as it can hold the previous resistance trendline. 

VET/USD 4-hour chart

To invalidate the bullish target, bears will need to push Vechain price below the previous resistance trendline at $0.0745. This could drive VET towards the lower trendline at $0.07 at first and as low as $0.051 if this level cracks. 

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.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.