VeChain Price Analysis VET / USD: Reemerging

2019-11-16 20:44

VeChain has a bullish short-term and medium-term trading outlook The four-hour time frame shows that an inverted head and shoulders pattern has been triggered The daily time frame is still showing a large head and shoulders pattern

VeChain is surging higher, with the VET / USD pair adding over 20% to its trading value, following a major bullish breakout above its 200-day moving average earlier this week.

The recent rally for Chinese projects has helped to underpin the firm bid tone behind the VET / USD pair, with the increasingly popular cryptocurrency now trading at its highest level since July 10th, this year.

After falling to a fresh all-time trading low last month, the turnaround in the VET / USD pair has been spectacular. The cryptocurrency now trades over 150% higher since October 24th and over 30% higher since the start of November.

The four-hour time frame shows that a bullish inverted head and shoulders pattern has been triggered, with the breakout remaining valid while price trades above the $0.0065 level.

The upside projection of the bullish pattern could take the VET / USD pair towards the $0.0095 level and possible higher if the upside momentum stays in place.

Looking at the daily time frame, a bearish head and shoulders pattern is still present, with VET / USD buyers needing to rally the cryptocurrency above the $0.0116 level to invalidate the pattern.

Going forward, an invalidation of the bearish head and shoulders pattern would be a strong statement of intent by VET / USD bulls, and a major bullish development over the medium-term.

According to the latest sentiment data from TheTIE.io, the short-term sentiment towards VeChain is bullish, at 76.00 %, while the overall long-term sentiment towards the cryptocurrency is also bullish, at 77.00%.

 

VET / USD H4 Chart by TradingView Upside Potential

The four-hour time frame shows that an inverted head and shoulders pattern 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 currently located at the $0.0099 and $0.0116 levels.

 

VET / USD Daily Chart by TradingView Downside Potential

The four-hour time frame is showing that the VET / USD pair has strong short-term technical support around the $0.0065 level.

Key technical support for the VET / USD pair below the $0.0065 level is currently found at the $0.0058 and $0.0050 levels.

Summary

VeChain has tremendous short-term upside potential and looks set to continue its recent bullish breakout.

Going forward, VET / USD buyers must invalidate the bearish head and shoulders pattern to secure further medium-term gains.

 

For a quick look into VeChain and VET, check out our coin guide here.

If you need a deeper analysis, look into our VeChain DARE.

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$ 0 (+0.00%)
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