The price of Vechain (VET) has exited from a rising triangle model on the 12-hour chart. The long-term price target for the bulls appears to be $ 0.026. The digital asset is facing little upside resistance.
Vechain’s Price Looks Strong and Ready to Rise
The Vechain bulls pushed the digital asset onto a rising triangle pattern and traded according to the charts. Subsequently, the price of Vechain reached $ 0.0196, which resolutely broke the critical resistance level from $ 0.018.
Vechain also managed to conquer the 50-SMA and 100-SMA and convert both into support levels. Breaking the rising triangle means VET is targeting $ 0.026. This is calculated using the height of the model as the reference point and is a 43% movement.
The potential bearish outlook for Vechain would be a retest of the 0.018 fracture resistance level. Usually, following a break on a triangle pattern, the digital asset can return to retest the previous resistance.
There seems to be an RSI divergence with the price as the Vechain price sets higher levels but the RSI forms lower peaks. This is considered a drop. The potential price target for bears would be a 50-SMA at $ 0.016.