VeChain to Consolidate Before Next Major Price Movement
- VeChain has reached a new all-time high of $0.176.
- The mounting buying pressure behind it seems to be fueled by a recent collaboration with Salesforce.
- Now, VET trades within a narrow range that will determine where it is heading next.
After a recent poll that deemed VeChain one of the most undervalued altcoins in the market, VET embarked on an uptrend that has seen it make new all-time highs.
VeChain May Slow Down
Salesforce’s decision to start testing enterprise adoption ideas on top of the VeChainThor blockchain has been the catalyst that pushed this cryptocurrency to new horizons.
VET’s market value has risen by nearly 70% since the announcement was made, going from $0.106 to a new all-time high of $0.176.
VeChain’s recent price action seems to have shaped a bull flag on the hourly chart. The 39% upswing between Apr. 8 and 10 created the pattern’s flagpole, while the three-day-long consolidation period that followed developed the flag.
Now that VET has risen over 28% to reach the bull flag’s target at $0.176, two crucial price hurdles have emerged, which will likely determine where it is heading next.
The area between the 200% and the 141.4% Fibonacci retracement level (measured from Apr. 10’s high of $0.148 to Apr. 12’s low of $0.127) can be considered a reasonable no-trade zone. Only an hourly candlestick close above or below this crucial interest area would determine whether VeChain is bound for further gains or poised to retrace.
Closing above the 200% Fibonacci retracement level at $0.168 could lead to another bullish impulse toward $0.181 or $0.195.
Meanwhile, a spike in sell orders that pushes VET below the $0.156 support might be significant enough to ignite a correction to $0.148 or $0.144.
Disclosure: At the time of writing, this author owned Bitcoin and Ethereum.
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