- VeChain price rose nearly 15% as it broke the breakout line on the Momentum Reversal Indicator (MRI) at $ 0.074.
- Now VET is looking to increase another 20% towards another MRI’s breakout line at $ 0.10.
- A bearish scenario could come into play if the $ 0.072 barrier gives way to sellers.
Vechain price suggests its massive rally will continue as it successfully broke one more supply barrier.
The VeChin price is facing another upward trend
The VeChain price has created two higher highs and three lower lows. The 133% rebound since last reaction low is on the verge of a third high.
When these swing highs are connected by trend lines, an ascending parallel channel appears to be forming. Vocational Education’s most recent move above the MRT’s breakout line at $ 0.074 has spiked its upward momentum, adding 15% to its market value.
In addition, VET cops ignored the second “cycle top” signal, which is shown in the form of a red candlestick with two candles on the daily chart. Usually this pattern predicts a correction of one to four candles, but VeChain price has increased 8% since this signal started blinking.
Hence, the VET price appears poised for a 20% rise on the following breakout line at $ 0.10.
VET / USDT 1-day chart
As buyers begin to post profits, VeChain price could take the risk of reverting to a crucial demand barrier of $ 0.070.
Investors should note that breaching this level could trigger a correction of 15% to $ 0.060 or a 23% decline to $ 0.053.