- Vechain price has been on a tear, surging 100% in under 11 days.
- Momentum reversal indicator’s (MRI) breakout level stands between VeChain’s last leg-up.
- A correction will come into the picture if the demand barrier at $0.061 is taken down.
VeChain price shows an overwhelming bullish momentum that pushed it by more than 100% in under two weeks. Now, VET could surge another 13% if a critical level is breached.
VeChain price poised to move higher
VeChain price has been trending in an ascending parallel channel for a little over two months. This pattern’s trendlines have contained VET’s upswings and downswings, forming higher highs and higher lows.
After hitting a local bottom on February 28, VeChain price initiated a 130% bull run to $0.083 that is still underway. At the time of writing, VET needs another 13% to hit this target, but a critical barrier stands between this run-up.
VET/USDT 12-hour chart
According to MRI, a breakout level has formed at $0.073. If breached, VET will continue its uptrend, as even the technical signs hint at a bullish conclusion.
For example, the Parabolic SAR indicator has developed below the price action indicating a bullish bias. The same can be said for the SuperTrend indicator that flashed a buy signal recently.
A continuation of the buying pressure seen thus far that result in a 12-hour candlestick close above the breakout level at $0.073 will trigger a 13% upswing to the target at $0.083
VET/USDT 12-hour chart
On the other hand, investors need to note that the bull rally for Vechain price is dependent on the breach o the MRI’s breakout level. A failure to rise past this barrier will result in a one-to-four candlestick correction.
However, if VET bears slice through the 100% Fibonacci retracement level at $0.061, a 17.33% correction to the 78.6% Fibonacci retracement level at $0.050 can be expected,
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.