• 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 price

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 price

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. 


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.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin reaches new highs near $90,000, on-chain data show chances of pullback

Bitcoin hit a new all-time high of $89,900 on Tuesday before easing to around $86,000, following a 30% surge since November 5. Technical indicators suggest the rally may be overstretched, with a potential corrective pullback ahead. 

More Bitcoin News
GIGA investor loses $6M to phishing scam via fake Zoom link

GIGA investor loses $6M to phishing scam via fake Zoom link

On Monday, a Gigachad (GIGA) investor lost $6.09 million due to a phishing attack involving a fake Zoom link. Crypto investigation firm Scam Sniffer declared the scam that led the victim to a malicious site, compromising their wallet.

More Cryptocurrencies News
Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron, Avalanche and Uniswap: Double-digit gains on the cards, technical indicators show

Tron is breaking above an ascending triangle formation on Tuesday, signaling a potential rally continuation. While AVAX and UNI are retesting their crucial support level — if supported, this suggests an upside move — all three altcoins look poised for double-digit gains as the crypto rally continues.

More Cryptocurrencies News
BNB: Bullish technical pattern validated, eyes all-time high

BNB: Bullish technical pattern validated, eyes all-time high

Binance Coin trades slightly down on Tuesday after breaking above an ascending triangle formation on the weekly chart, following a 12.5% rally last week. The technical outlook suggests a bullish breakout pattern and continuation of the rally, with a target set for a new all-time high of $825.

More Binance News
Bitcoin: Further upside likely after hitting new all-time high

Bitcoin: Further upside likely after hitting new all-time high

Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP