Vechain (VET) Has Broken Out The WedgeHey friends, hope you are well and welcome to the new update on VeChain Coin.
On daily chart the priceline of VET coin was moving in a falling wedge. Finally the price action has broken out the resistance of this pattern. The volume profile is showing very low interest of the traders in the area where the priceline is moving therefore the price action can move more up in the area where the trader’s interest is strong. Once the exponential moving average 10 will cross up the EMA 21 then a further bullish momentum will be confirmed and move buying volume will be entered.
On the long term weekly chart after a strong bullish move the priceline is retraced at 0.618 Fibonacci retracement level an likely to re-test the ichimoku bearish cloud as support. The conversion line is moving down to form bear cross with baseline but lagging span is again moving up therefore we can expect that soon the conversion line will be moved up that will be strong buying signal for the long term rally.
On the daily chart different short and mid term support and resistance levels can be seen. The priceline is moving between $0.011 and $0.015 support and resistance level. At the moment candlesticks are trying to breakout $0.015 resistance. Once this resistance will be broken out then a move upto $0.018 resistance is expected very soon.
Conclusion:
As the price action of VET coin has broken out the resistance of wedge but the buying volume is not as that much powerful that can give us confirmation that it is not a fake-out. However, if we will see the weak buying volume with continuity and the EMA 10 will cross up the EMA 21 then we can have the confirmation of a firm breakout. And in case of this bull cross between these two EMAs 10 and 21 we can expect a rally upto $0.018 very soon and in case of breaking out this resistance the price action can move upto $0.021 powerful resistance.
