The VeChain (VET price analysis shows that the altcoin has a bullish short-term and a medium-term trading outlook but the four hour time frame shows that an inverted head and shoulders pattern is triggered. Let’s find out more in the Vechain news today.
The daily time frame shows a huge head and shoulders pattern and Vechain is now surging higher with the VET/USD pair adding more than 20 percent to the trading value, following a major bullish breakout above the 200-day moving average that was recorded earlier this week. The recent rally for the Chinese projects has helped to boost the company’s bid tone behind the VeChain (VET) price related to the USD pair with the increasingly popular crypto trading at its highest level since July 10th this year.
After dropping to a fresh all-time low last month, the turnaround for the pair has been spectacular and the cryptocurrency now trades more than 150 percent higher since October 24th and also another 30 percent higher since the start of this month. The altcoin is surging higher with the VET/USD pair gaining more than 20 percent to the trading value following a major bullish breakout. The four-hour time frame shows there is an inverted head and shoulders pattern that has been triggered with the $0.0095 level the near-term objective of the large bullish pattern.
Key technical resistance for the VET/USD pair above the $0.0095 level is now located at the $0.0099 and the $0.0116 levels. The four-hour time frame is showing that the VET/USD pair is also trading below the $0.0065 level and is currently found to the $0.0058 and $0.0065 levels on the downside. VeChain has tremendous short-term upside potential and it seems that it will continue its recent bullish breakout. Going forward, the pair buyers have to invalidate the bearish head and shoulders pattern in order to secure further medium-term gains.
As the VeChain price surges by 120%, it is also making serious headway in solving real-world problems. According to analysts, the price has experienced something of a renaissance lately. Vechain is leading the way for all of the Chinese coins and the cryptocurrency for supply chain management has increased by more than 120 percent after Xi embraced blockchain. VeChain was followed by NEO and the cryptocurrency is up by more than 87 percent against the USD.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post