Vechain price sees bulls preparing for new all-time highs

Vechain price sees bulls making a breakout towards all-time highs.
VET price is starting to flirt with the overbought area on the RSI.
All-time highs are within reach, but further upside looks limited.

Vechain (VET) price is experiencing a bullish breakout from the pennant formation that started on November 9. The uptrend got supported by the purple ascending trend line and saw price action bushed above the historical $0.15 pivotal level. Expect Vechain bulls to push for new all-time highs, but with the Relative Strength Index being overbought, further upside should be muted.

Vechain price still holds some gains as long as bulls refrain from profit-taking

Vechain price sees a solid bullish move on Monday as buyers can push VET price out of the pennant towards the monthly R2 resistance level. New all-time highs are in the grasp, but this could go two ways as the Relative Strength Index is very close to being overbought. In the first scenario, bulls got the push for a quick new all-time high, dragging the RSI into overbought and thus limiting further upside set off with a quick fade back towards $0.16.

VET price could, however, also see a more profitable scenario where Vechain price keeps respecting the purple ascending trend line and instead goes for the slow grind higher. This would see the RSI slowing down or even dipping towards more neutral as the uptrend keeps going. Buyers would need to be more patient, but this strategy would open the door for $0.20.

VET/USD daily chart

If bulls keep grinding it alongside the purple ascending trend line, VET price could fall out of line a few times. But similar to that move, the green ascending trend line is still there for support. So if there is a bearish breakout, expect the green ascending trend line to act as second support alongside and see bulls still in their uptrend, even if there is a bearish short-term setback.

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.