Vechain price looks ready for a bullish continuation after breaking out of a bull flag pattern. From the chart shared by Ali Charts, one can see that the pattern consists of two main components: the flagpole and the flag itself.
The flagpole is a sharp upward price movement within the bull flag. It precedes a period of consolidation, represented by a descending parallel channel. This formation typically indicates a bullish trend and suggests that the prior upward momentum is likely to continue following the breakout.
The breakout from this pattern has been confirmed as the price has surged past the upper boundary of the flag. This upper boundary previously served as the resistance line.
Key Fibonacci Levels and Price Target
This breakout level aligns closely with the Fibonacci 0.786 retracement level at $0.0434, reinforcing the bullish sentiment surrounding VeChain.
Fibonacci levels are drawn out in the analysis, with the 1.0 level located at $0.0472, corresponding to the anticipated move from the breakout.
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Additionally, the 1.272 ($0.0526) and 1.414 ($0.0556) extension levels are potential VET price targets. The analyst posits that the price could realistically reach the 1.414 Fibonacci extension.
The analysis suggests a potential 30% upward move to $0.056, with resistance possibly appearing at $0.0472 and $0.0526. Support levels are identified at $0.0434 and $0.0406, which may attract buyers if the price retreats.
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