VeChain Price Forecast: VET breaks through consolidation phase targeting a new all-time high

VeChain begins uptrend to a new all-time high after breaking the crucial resistance at $0.3.
VET/USD sits on a large demand zone, while very little resistance can be spotted on the upside.

VeChain is breaking out toward record highs after overcoming a critical resistance barrier around $0.03. Recovery has been consistent since last week. The break above the 50 Simple Moving Average on the 4-hour and the 100 SMA appears to have validated the bullish outlook.

VeChain on the Launchpad for a 32% upswing

The token endured a correction to the lows near the 100 SMA early last week following a wall at $0.03.VET/USD made a series of higher lows to a resistance level that rejected further advancements.

Such market action resulted in the formation of an ascending triangle on the 4-hour chart. A horizontal line can be drawn along with the swing highs, while a rising trendline is created to connect the higher lows.

A recent spike in the buying pressure behind the altcoin has allowed it to surpass the overhead resistance. In the meantime, it could liftoff 32% to $0.041 based on the ascending triangle formation. The target is arrived at by measuring the distance between the two highest points of the triangle and adding it to the breakout point.

VET/USD 4-hour chart

IntoTheBlock's IOMAP model reveals that VeChain faces little to no overhead pressure as it grinds to all-time highs. Once the subtle seller congestion between $0.033 and $0.035 is shattered, an open-air will be left for VET/USD to explore and discover new price levels. Note that only one address bought 72 VET in this zone.

On the flip side, VeChain is sitting on top of enormous support is unlikely to be broken. The robust support runs from $.023 to $0.025. Here, 747 addresses previously bought nearly 218 million VET.

VeChain IOMAP chart

On the other hand, VeChain may fail to hit new all-time highs if the momentum loses steam. Holding above $0.3 and the triangle's hypotenuse will also help to avert losses that may be extended to the 50 SMA and the 100 SMA.

Share: Cryptos feed

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.