VeChain / USD Technical Analysis: Breaking The Shackles
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- VeChain is bullish in the short-term, with the cryptocurrency surging to a fresh 2019 trading high
- Bulls have ignited an inverted head and shoulders pattern on the four-hour and daily time frame
- The cryptocurrency’s medium-term outlook continues to improve
VeChain / USD Short-term price analysis
In the short-term, VET / USD remains bullish with the cryptocurrency surging to a fresh 2019 trading high.
The recent rally in the cryptocurrency has ignited a bullish inverted head and shoulders pattern on the four-hour time frame, which shows scope for further strong gains.
Technical indicators are currently generating a buy signal on the four-hour time frame.
VET / USD H4 Chart (Source: TradingView)
Pattern Watch
The VET / USD pair could add over twenty-five percent to its value if the pattern reaches its full upside potential.
MACD Indicator
The MACD indicator on the four-hour time frame is currently bullish and is generating a strong buy signal.
Relative Strength Index
The RSI indicator on the four-hour time frame is bullish, although it has moved into overbought territory.
VeChain / USD Medium-term price analysis
VeChain has a bullish medium-term outlook, with the daily time frame showing a major technical breakout underway above the neckline of a bullish inverted head and shoulders pattern.
The overall upside objective of the bullish pattern on the daily time frame would take the VET / USD pair towards levels not seen since November 19th of last year.
Technical indicators are bullish on the daily time frame, although they are starting to appear overstretched.
VET / USD Daily Chart (Source: TradingView)
Pattern Watch
The recent breakout above the neckline of the bullish pattern is an important development over the medium-term; traders should expect further gains while price trades above neckline support.
MACD Indicator
The MACD indicator is bullish on the daily time frame and is signaling further upside for the VET / USD pair.
Relative Strength Indicator
The RSI indicator on the daily time frame remains bullish, although it has moved into overbought territory.
Conclusion
Both time frames highlight that a strong technical breakout is currently underway in the VET / USD pair, with the bullish patterns pointing to the November 19th as a likely upside target.
Ultimately, traders should expect further strong gains in the cryptocurrency while price holds firm above neckline support.
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