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.
SummaryVeChain 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.
VeChain ChartChart byCryptoCompare baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; var cccTheme = { "General":{"borderWidth":"0px","borderColor":"#FFF","showExport":true}, "Tabs":{"borderColor":"#FFF","activeBorderColor":"rgba(28,113,255,0.85)"}, "Chart":{"fillColor":"#222","borderColor":"rgba(28,113,255,0.85)"}, "Conversion":{"lineHeight":"10px"}}; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=VET&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); #ccpw-ticker-24322 .ccc-chart-header { background: #1c71ff} #ccpw-ticker-24322 #ccc-chart-block .exportBtnTop, #ccpw-ticker-24322 a.tabperiods.tabperiods_active, #ccpw-ticker-24322 .coin_details { color: #1c71ff; background: rgba(28,113,255,0.15); } #ccpw-ticker-24322 .coin_details { border: 1px solid rgba(28,113,255,0.16); } .ccpw-container_chart #ccpw-ticker-24322 .coin-container:after, .ccpw-container_four #ccpw-ticker-24322 .coin-container:after {border-color:#ccc !Important;}
The post VeChain Price Analysis VET / USD: Reemerging appeared first on Crypto Briefing.
Similar to Notcoin - Blum - Airdrops In 2024