VeChain Registers Positive Surge

VeChain Registers Positive Surge

The price should continue moving upwards, with a rate of increase likely accelerating once the price breaks out from the current symmetrical triangle. Deviation Below Range Low VET has been decreasing alongside a descending resistance line since reaching a high of $0.0230 on Aug 9.  On Oct 18, the price broke out from the resistance

VeChain (Courtesy: Twitter)
VeChain (Courtesy: Twitter)

The price should continue moving upwards, with a rate of increase likely accelerating once the price breaks out from the current symmetrical triangle.

Deviation Below Range Low

VET has been decreasing alongside a descending resistance line since reaching a high of $0.0230 on Aug 9.  On Oct 18, the price broke out from the resistance line but proceeded to fall shortly afterward, touching a low of $0.0088 on Nov 4.

While this appeared to cause a breakdown from the $0.01 support area, the price immediately reclaimed the support level and has been moving upwards since, validating the area as support once more.

If VET continues to rally, the next significant resistance area would be at $0.016.

Cryptocurrency trader @CryptoMichNL outlined a VET chart, stating that the price could increase all the way to $0.02.

While the price is likely to face resistance at $0.016, an upward move all the way to $0.012 seems to be on the cards.

Technical Indicators Support Rally

Technical indicators on the daily time-frame are bullish. All three of the: MACD, RSI, and Stochastic Oscillators are increasing, and the latter is close to making a bullish cross.

Furthermore, the bullish candlestick on Nov 13, which validated the $0.01 area, supports this possibility.

The shorter-term 6-hour chart shows a symmetrical triangle, which is a neutral continuation pattern. Since it is coming after an upward move, a breakout is likely, fitting with the rest of the readings from technical indicators.

A breakout that travels the entire height of the pattern would take VET to $0.0135, the closest minor resistance area.

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