Vechain VET price is currently contained inside an ascending parallel channel.

Bulls have defended a major price and aim for a rebound towards $0.04.

On the opposite hand, VET bears can drive their price right down to $0.028 if the support level breaks.

vechain aim for a rebound towards $0.04

Vechain has been trading inside a strong uptrend since the start of 2021 and has established an ascending parallel channel on the 12-hour chart. The trend seems to favor the bulls which require to crack a key resistance level for a 40% breakout.

Vechain VET price must climb above this key point to hit $0.055

Vechain VET has established an ascending parallel channel on the 12-hour chart and bulls have just defended the center trendline at $0.033. A rebound from now can drive Vechain price up to the upper boundary at $0.04.

The most critical resistance level is the upper trendline of the pattern currently located at $0.04. A breakout above now will quickly push Vechain VET price up to $0.055, a 40% move, calculated by using the peak of the pattern as a point of reference.

On the other hand, losing the center trendline support would push VET right down to the lower trendline at $0.028. Losing this critical level will lead VET to a low of $0.017, which is additionally a 40% move.

VeChain VET price technical outlook

In my previous article on VeChain, I predicted that the price would break-out to about $0.04. That didn't happen because the price faced a considerable resistance at $0.035, where it formed a double-top. The neckline of this pattern is $0.024.

In technical analysis, a double-top pattern usually sends a bearish signal. Therefore, I think that in the near term, Vechain price may hand over some of these gains and retest the $0.0138 level. the gap between the neckline and therefore the top is that the same as from the neckline to the forecasted level.

However, if the Vechain price manages to move above $0.035, it'll mean that the previous forecast of price of $0.040 is possible.

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