VeChain price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing. Supporting this bullish outlook is the MACD indicator’s bullish crossover. VeChain price moves a step closer towards the parallel channel’s upper trendline as bullish momentum increases. A successful breakout hints at a 5.65% uptick in VET price to $0.051. VeChain price eyes higher highs VeChain price has formed three swing highs and swing lows, all lower than the previous one, in under 48 hours. Drawing trendlines around these pivot points results in a descending parallel channel. This setup forecasts a 5.65% bull rally determined by adding the channel’s height to the breakout point at $0.048. Such a target puts VET at $0.051. VET/USDT 1-hour chart Supporting the optimistic outlook is the recent bullish crossover printed by the Moving Average Convergence Divergence (MACD). The golden cross between the 12 one-hour exponential moving average (EMA) and the 26 one-hour EMA represents a shift in short-term momentum from bearish to bullish. Investors should note that a 1-hour candlestick close above $0.050 will create a higher high and hence act as a secondary confirmation for the uptrend. Nonetheless, if VeChain price slides below the $0.046 support level, it would signal the start of a downtrend. In such a scenario, VET could head towards the channel’s lower trendline at $0.044. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next Japan’s Suga: Will extend state of emergency in Tokyo area for two weeks FX Street 1 year VeChain price is consolidating in a descending parallel channel on the 1-hour chart. A decisive close above $0.048 will signal a breakout from the consolidation pattern and trigger a quick 5.65% upswing. Supporting this bullish outlook is the MACD indicator's bullish crossover. VeChain price moves a step closer towards the parallel channel's upper trendline as bullish momentum increases. A successful breakout hints at a 5.65% uptick in VET price to $0.051. VeChain price eyes higher highs VeChain price has formed three swing highs and swing lows, all lower than the previous one, in under 48 hours. Drawing trendlines around these… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.