VeChain(VET) Technical Analysis
Strong Partnerships and a successful strong team suggest a successful strong asset.
In a Glance
- Current at $0.206
- Correction triangle pattern
- Small divergence
- MACD signals the initiation of a possible bullish move
- Crucial factor the pattern break out
- Major Resistance level the All-time high at $0.279
- Major Support level - and the stop-loss - at $0.155
Vechain
Begun in 2015 to solve some of the issues with supply chain management, in a very brief explanation, as some of the terms are hard to explain, but feel free to do your own research.
The fact is that it is developed specifically for enterprises and it seems that it does a good job, as the partnerships with BMW, Walmart, China, and others, are confirmed.
Technical Analysis
In a technical base analysis, there are some very strong signs for an uptrend. Price has been between $0.279 - $0.16 for a couple of weeks creating a triangle on the correction Eliot wave.
The upper trend line has been tested three times, and the price is now accumulating $0.22-$0.19, as the triangle is closing and suggest a break, hopefully at $0.21 for even a new all-time high, with the resistance and support levels to be shown on the image.
It is a bit early to call a long position, to be honest, but this seems very good and the news around are bullish.
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