Vechain Price Prediction: VET ready for 40% upswing amid strong bullish momentum
|- 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.
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.