VeChain’s price forms an upward triangular pattern hinting at a 63% rise to $ 0.235.
A decisive 6-hour close above $ 0.143 would signal a breakout and a rally.
However, a break of the swing low of $ 0.0825 would invalidate the bullish outlook.
VeChain price is consolidating within a bullish technical formation that predicts a massive uptrend. However, a break in critical support could hold back this rally.
VeChain Price Rises For Takeoff
VeChain’s price has set roughly three equal highs around $ 0.143 since May 19, creating slightly higher lows. If these swing points are connected with trend lines, an ascending triangle is formed.
This technical formation is forecasting a 63% rise to $ 0.235, defined by the addition of distance between the first swing high and the swing low added to the breakout point at $ 0.143.
Interestingly, the VeChain price breakout point coincides with the supply zone, which extends from $ 0.127 to $ 0.142.
Consequently, traders need more strength to break through this resistance area and produce the decisive close of the 6-hour candle above $ 0.143. Such a move would signal a breakout of the bullish formation and the beginning of an uptrend for the VET.
Interestingly, the target at $ 0.235 coincides with the lower boundary of the supply area, which extends to $ 0.266.
Investors should also consider that the $ 0.187 supply level could hinder or even stop the uptrend in VET. Therefore, buyers need to clear this level to reach the $ 0.235 target.
6-hour VET / USDT chart
As the situation appears to be improving for the VeChin price, market participants should keep a close eye on the $ 0.083 support barrier. A breakout of this level will nullify the bullish thesis and cause a 20% plunge at $ 0.0656.