Sharp Reversal For VeChain As Bullish Triangle Breakout Forms

A sharp reversal for VeChain is forming and the altcoin sees a short-term and bullish medium-term trading outlook while the four-hour time frame shows an inverted head and shoulders pattern forming as we are about to see further in the VeChain news below.

The daily time frame shows a bullish triangle breakout happening and the altcoin is trying to stage a recovery higher after the sharp reversal from the 0.008 support level earlier this month. The technical analysis suggests that this cryptocurrency could be preparing for the next major upside move. The VET/USD pair shows positive technical signs after it formed a price floor around the 0.0057 level earlier this week. With the continued gains towards the current price of December, there is a slight chance of prompting a major technical breakout.

The four-hour time frame shows that there is a huge inverted head and shoulders pattern that is forming during the recent rally with its overall upside target that is located around the $0.0115 level. The breakout above the $0.008 support should increase the technical purchase towards the VET/USD pair placing the psychological $0.01 level in the prime focus. The daily time frame still shows there is a huge head and shoulders pattern forming although VeChain is trading above its trend in the 200-day moving average.
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The bullish triangle breakout is forming on the daily time frame and is helping to support the medium-term bid for the pair alongside the technically bullish stats. The buyers have to rally the price above $0.012 level to invalidate the pattern. If this scenario occurs, the VET/USD pair could even soar over the long-term. The relative strength index on the daily time frame which is bullish and still shows a lot of upside potential before becoming overbought.

The four-hour time frame also shows that key technical resistance is now located at the $0.008 and $0.01 levels and the key technical resistance over the medium-term is located at the $0.012 and $0.15 level. The four-hour time frame shows that the VET/USD pair has a strong medium-term technical support around the $0.0057. The technical analysis suggests that the VET/USD pair could start the test towards the prices of November and the price high. The four-hour time frame is showing that the $0.0125 is still a possible target.