VeChain price shows swift progress and has a bullish short-term and medium-term trading outlook as we are seeing today in the latest VEchain news.
The four-hour time frame shows that e bullish breakout from the wedge pattern is taking place and the daily time frame shows that the bearish head and shoulders pattern is still hanging over the VET/USD pair. VeChain is still outperforming the rest of the crypto market as of Monday it made strong double-digit gains and continued with a lot of bullish fundamental news over the weekend.
The VET/USD pair gained more than 20 percent since the start of December and is now trading around 80 higher from the previous November price. The technical analysis for the Vechain price shows that the pair is still performing a bullish wedge breakout on the daily time frame, thus moving the cryptocurrency to a distance close of the November monthly high. The four-hour time frame shows that a breakout above the high in November could even boost further the technical buying towards the $0.01 level.
The daily time frame shows that the VET/USD pair is trading well above the 200-day moving average and the large head and shoulders pattern is still hanging above the cryptocurrency. The bulls have to rally VeChain towards the $0.012 level if they want to invalidate the bearish pattern. If the buyers can invalidate the bearish pattern, the VET/USD pair could even stage a rally to the $0.02 price level.
The Relative strength index on the Daily time frame shows that the cryptocurrency is not in the overbought territory despite the huge double-digit advance in the cryptocurrency and the MACD indicator is also generating a strong buy signal. According to the latest sentiment data, Vechain’s short-term sentiment is standing at 56 percent at a neutral position while the overall long-term sentiment is quite bullish at 78 percent. The four-hour time frame shows that the key technical resistance is located at the $0.008 and $0.01 level while the key technical resistance in the medium-term is located at the $0.012 and $0.02 level.
The four-hour time frames show that the VET/USD pair has a strong medium-term technical support getting close to the $0.006300 level and the critical long-term technical support for the pair that is located at the $0.0045 level.
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