MarketsTradingVeChainVET

VeChain Targets Highs After Increased Profit-Taking

While the cryptocurrency market kicked off the new weekly trading session on a negative note, VeChain stole the spotlight by rising to a new all-time high slightly above $0.08.
VeChain Is on Track for Further Gains
VeChain broke out of an inverse head-and-shoulders formation on Feb. 9. This pivotal moment occurred after a two-year-long consolidation period, adding more significance to VET’s upside potential.
After successfully retesting the pattern’s neckline at $0.036 in late February, VeChain officially entered a new bullish cycle from a technical perspective.
Now that this cryptocurrency has risen more than 100% since the retest, the inverse head-and-shoulders pattern projects that VET could climb another 660% to hit a target of $0.56.
But first, VeChain will have to close above the 127.2% Fibonacci retracement level at $0.086 to advance further. 
VET/USD on TradingViewSignificant Resistance Ahead
Moving past the overhead resistance will not be as easy despite the bullish momentum that VET has seen over the past 41 hours. 
Indeed, VET appears to be contained in an ascending parallel channel since late December 2020. Each time VET has risen to this technical pattern’s upper boundary since then, a rejection occurs that pushes prices to the lower edge. From this point, it tends to rebound, consistent with a channel’s characteristics.
If such price action repeats itself, VeChain might surge towards the channel’s upper trendline at $0.090, then retrace to the middle or lower trendline. 
Only a daily candlestick close above this hurdle or the 127.2% Fibonacci retracement level can lead to a parabolic advance towards the 161.8% …
Story continues on Crypto Briefing

Related posts
Cointelegraph.comETH FuturesEther PriceMarket AnalysisMarketsOptions

Ethereum bulls enticed by $1,750 support and lack of ETH liquidations

Ethereum miners and developers might be fighting over network upgrades but derivatives data shows investors are still wildly bullish. As Bitcoin price dropped below $55,000 on March 15, Ether (ETH) pulled back to confirm the $1,750 level as support. This…
BitcoinBitcoin PriceBTC OptionsCointelegraph.comMarket AnalysisMarkets

Bulls favored ahead of record $6.1B Bitcoin options expiry on March 26

Up to $6.1 billion worth of Bitcoin options are set to expire on March 26 but derivatives data suggests that the expiry favors bullish traders. Over the past two months, the open interest on Bitcoin options increased by 60% to…
Bitcoin PriceBTCCointelegraph.comETHEther PriceMarketstreasury yield

Bullish case for Ethereum strengthens as exchange ETH outflows outpace Bitcoin

Ethereum exchange reserves are falling quickly with outflows hitting yearly highs and boosting market sentiment around ETH. Ether (ETH) reserves on exchanges are continuing to decline despite being at historic lows. This trend indicates a supply shortage of ETH across…