VeChain Price Forecast: VET moves closer to a 45% breakout

VeChain price slid a consolidation period after surging nearly 85%.
Now, VET faces stiff resistance at $0.053 that will determine where it will be heading next.
Slicing through this critical barrier will push this altcoin’s market value by 45%, while failing to do so could lead to a 20% correction.

VeChain price seems ready for another leg up after a five-day-long consolidation period.

VeChain price prepares for new all-time highs

VeChain price dipped into consolidation after a brief but explosive rally. Such market behavior appears to have formed a bull flag pattern on VET’s hourly chart.

The 85% upswing that VeChain price saw between February 10 and February 13 created the “flag pole” of this continuation pattern. The series of lower highs and lower lows that followed created the “flag.”

The technical formation stipulates that slicing through the $0.053 resistance will lead to a 45% breakout. If validated, VeChain price will target $0.076.

This target is determined by measuring the flagpole’s length and adding that distance upward from the breakout point.

VET/USDT 1-hour chart

It is worth noting that if VeChain price fails to close above the flag’s upper trendline at $0.053, a rejection will likely follow.

Under such circumstances, VET could take a 20% nosedive towards the $0.042 support level before it tries to break out again.

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.

Join Telegram