VeChain Price Forecast: VET 225% Fortnight Rally Could Extend to $0.5
- VeChain renews forward to a break above $0.3 short-term resistance.
- Despite the massive upswing, the RSI is not overbought, thus the bullish outlook.
- VeChain must close the day above $0.26 to avoid a potential correction to $0.16 and $0.12.
VeChain teeters at $0.262 amid a renewed uptrend from the support established at $0.16. Over the last 24 hours, the token has rallied over 22% as bulls flex their muscles. The uptrend is still intact at the time of writing; however, resistance is anticipated at $0.3. If broken, VET will enter the next bullish phase as buyers look forward to $0.5.
VeChain Bulls Relentlessly Battle for Gains to $0.5
The short-term analysis suggests that VeChain’s uptrend will last longer. Support at $0.26 must hold firmly to give investors ample time to overcome the resistance at $0.3
Meanwhile, the Relative Strength Index (RSI) on the four-hour chart reinforces the bullish narrative by moving closer to the overbought area. A break into the territory will likely trigger more buy orders, creating enough volume to support price action above $0.3 and toward $0.5.
VET/USD Four-Hour Chart
The same four-hour chart brings a light bullish impulse from several other indicators such as the SuperTrend indicator and the Moving Average Convergence Divergence (MACD). The former holds comfortably below VeChain price.
This indicator tracks the direction of an asset’s trend and allows investors to make decisions to either long or short VET. As long as the color remains green and the indicator maintains the position under the price, VeChain will continue with the uptrend.
VET/USD Four-Hour Chart
Simultaneously, the MACD is in the positive region but gives a bullish signal. The MACD line (blue) is back above the signal line, adding weight to the potential rise to $0.5.
Looking at the Other Side of the Fence
VeChain’s uptrend will be sabotaged if the up leg to $0.3 fails to occur. On the other hand, closing the day under $0.26 would be detrimental to the progress made from the support at $0.16.
On the downside, support has been envisaged at $0.16 in conjunction with the 50 Simple Moving Average (SMA). Other key anchor zones include the 100 SMA close to $0.15 and the 200 SMA around $0.12, as seen on the four-hour chart.