Hi friends, hope you are well and welcome to the new update on Vechain.
Another resistance has been broken out:
In the previous article, we have seen that the price action of Vechain was expected to break out the resistance of $0.021. Now finally, the price action has broken out this resistance and now trying to break out the next resistance at $0.026. The simple moving averages with the time period of 25, 50, 100 and, 200 also formed an opened alligator mouth below the price action that is also another strong bullish signal.
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The breaking out the wedge produced bullish divergence:
As in my previous post we have seen, that the priceline of VET broke out the resistance of falling wedge pattern. This breakout invited many traders to jump into the Vechain and they started buying and took the priceline to the final resistance at $0.026. This is a key level resistance, if it will be broken out then the price action can even touch the $0.10. However, the next powerful bullish rally depends on breaking out of the $0.026 resistance level.
A strong rally after breakout:
The EMAs on the long-term chart:
On the long-term weekly chart, the price action is using the exponential moving averages with the time period of 10 and 21 as support very well before starting the next rally to the upside and these EMAs are also moving slightly to the upside with the priceline to provide firm support.
Ichimoku cloud is still strong bullish:
On the long-term weekly chart the price action of Vechain has already crossed up the bearish cloud and now it has good support of conversion line and baseline and bullish cloud as well.
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Conclusion:
The priceline of Vechain is in the control of bulls at the moment, but once the key level resistance of $0.026 will be broken out then it can be a big invitation to many traders. And then we can expect a rally even to the $0.10 as well.
