The post VeChain: Will Flag Breakout Signal VET Price Bull Run To $0.15? appeared on BitcoinEthereumNews.com.

VeChain (VET) has been establishing an upward slope in its price and its current movements suggest that the token may continue to rise. Technical analysis shows that the cryptocurrency is challenging major resistance levels that may spur higher gains. Currently, VET token stands at $0.04121 and as observed earlier, the price has slightly retracted after the upswing in the past weeks. However, the current price action has compelled analysts to expect the token to mark higher levels. The fundamental of the current optimism is founded on the flag breakout pattern which is bullish and points towards bullish confirmation. Experts predict that the crypto will rise above $0.056 in the long term, and eventually hit $0.15. – Advertisement – Key Technical Indicators Suggest Upward Momentum The technical analysis of VeChain using the weekly chart shows signs of an uninterrupted bullish trend. One of the significant markers is the shift above the former resistance trendline. This shift took the price 70% above last month’s level, a likely signal of a new trend. In addition to the breakout, the 50-week Exponential Moving Average (EMA) indicator for bullish strength starts to display. More recently, a bullish “golden crossover” between the 50-week EMA and the 200-week EMA indicates an upward turning point. Moreover the MACD has a bullish outlook because the MACD line and the signal line are above the zero which signals the upward price direction for VeChain. – Advertisement – The histogram has recently increased, meaning there is a consolidation of the bullish momentum and there is a greater difference between the MACD line and the signal line. However, the last part of the histogram appears to be slightly smaller to the previous higher bars meaning that the bullish momentum could be beginning to ease up. Flag Breakout Pattern and Near-Term Price Targets…

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Filed under: News - @ November 27, 2024 8:27 pm