VeChain Price Forecast: VET skyrockets to achieve 21% technical breakout target

Last Updated July 23rd 2021
2 Min Read
  • VeChain ascending triangle breakout moves toward a new record high of $0.115.
    • The short-term technical analysis affirms the ability of VET to hit the triangle target.
    • Selling signals on the four-hour and 12-hour charts suggests that overhead pressure may rise, halting the uptrend.

    VeChain is among the few crypto assets recording over two-digit gains in the last 24 hours. The breakout has been mainly technical, following a technical pattern on the four-hour chart. At the time of writing, the token is dancing at $0.108 as bulls battle to complete the 21% breakout target.

    VeChain leads another crypto bull run wave

    VeChain joined altcoins such as Ethereum to trade a new record high. Stellar pushed for new monthly highs while Ripple traded a three-year high. VET has also not been left behind, especially with short-term technical levels remaining bullish.

    Simultaneously, the Moving Average Convergence Divergence (MACD) reveals that the bullish outlook is intact. In addition to the indicator holding above the midline, the MACD line (blue) has expanded the signal line gap. In other words, VeChain is still in a buy zone, and investors are likely to continue streaming in.

     VET/USD four-hour chart

    The bullish outlook has been reinforced by the Relative Strength Index (RSI) on the four-hour chart. This trend strength indicator has entered the overbought region. If it continues with the move toward 100, VeChain might surpass the 21% target for highs close to $0.12.

    The SuperTrend indicator on the four-hour chart adds weight to the bullish outlook, giving signals to long the asset. When the indicator turns green and slides below the price, it implies that traders can increase their stakes while new investors are encouraged to buy in.

     VET/USD four-hour chart

    Looking at the other side of the fence

    The triangle projected VeChain above $0.1; however, a couple of sell signals presented on the four-hour and 12-hour charts put the uptrend in jeopardy. 

    VET/USD four-hour and 12-hour charts

    The bearish outlook molded in green nine candlesticks. If validated, a bearish pressure would start to build and may derail the breakout or lead to declines back to $0.08.

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