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.
Cryptocurrency traders and holders are keeping a close eye on VeChain (VET) as the coin's price is poised for a 30% surge following a key breakout in its technical setup.
As highlighted by Ali Charts, the breakout occurred within a bull flag pattern, which is typically bullish and suggests a continuation of the prior upward momentum. The breakout is further supported by a Fibonacci retracement level, indicating a potential price surge.
Ali Charts noted that the breakout level aligns closely with the Fib 0.786 at $0.0434, suggesting strong support at this level. Fib levels are used to identify potential price targets and support/resistance zones.
According to the chart, the next key Fib levels are 1.0 ($0.0472), 1.272 ($0.0526) and 1.414 ($0.0556). The analyst suggests that the price could realistically reach the 1.414 Fib extension, indicating a potential 30% surge to $0.056.
Resistance could be encountered at $0.0472 and $0.0526, while support levels are identified at $0.0434 and $0.0406, which may attract buyers if the price retraces.
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