- Vechain ascended above the resistance line of a symmetrical triangle
- The upper border of the symmetrical triangle lies at $0.1613
- At the time of writing, Vechain is trading at a price of $0.109
Vechain price analysis: General price overview
Vechain ascended above the resistance line of a symmetrical triangle that took shape early last week. This indicates the bears are still attempting to bring the price down, but the bulls remained strong enough to stage a corrective rally. Today’s daily chart is bullish, painted by green candlesticks since the early trading hours.
The early breakout crashed a bearish flag that had formed on yesterday’s chart towards the end of the day.
Vechain’s Bollinger bands are intact, with no sign of contracting or expanding in the near term – which suggests the price ranges are pretty stable. The VET/USD pair opened the daily chart at $0.1070, broke into a rising wedge with a high at $0.1116. The upper border of the symmetrical triangle lies at $0.1613 and above it lies the bull’s target of $0.2079 near the 38.2 percent FIB extension level. The overall sentiment on the daily chart is bullish as buyers wait for a price recovery transcending the $0.130 mark and invalidate any bearish downsides.
Vechain price movement in the last 24-hours: Bullish MACD
The relative strength index for the VET/USD trading pair is trending within the neutral zone but lying towards the overbought region. Further at the Moving Average Convergence Divergence (MACD), the signal line is above 0 at the 0.0002 mark. The coin opened the daily chart at a price of $0.1072. This price is also the intraday low. Volatility is quite low as indicated by the intact bands but we can expect more from the coin throughout the day as we approach the close of the day.
Vechain 4-hour price chart: Invalidating bearish efforts
At the time of writing, Vechain is trading at a price of $0.1098 against the US dollar. RSI is pointing at 47 and could fall to the overbought region any time on the 4-hour chart. Buyers are attempting to validate the daily uptrend and neutralize any incoming seller pressure, which could drive the price of Vechain higher in the course of the day.
Vechain price analysis conclusion
A breakout above $0.1300 is the first indication that bearish pressures are residing and the coin is warming up for the next leg of the uptrend towards $0.1800. Conversely, should the bears act fast against today’s price action, the pair might correct low and welcome the $0.1000 price mark.
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