VeChain (VET), the 13th largest cryptocurrency by market cap, is considered the most undervalued digital currency by the majority of members of the crypto community.
Since that invaluable recognition, VeChain (VET) has taken its place among the largest cryptocurrencies. The recognition is due to VeChain’s success as a blockchain platform for businesses.
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VeChain has formed an inverted head and shoulder pattern
A few hours ago, a pseudonymous cryptanalyst and trader who is a VeChain enthusiast got in touch on Twitter to share his opinion on the price trend of the native token of the leading blockchain platform for businesses, Vocational Training.
According to the analyst identified as “VeChain Justin” on Twitter, VET has formed an inverted head-and-shoulders pattern. He said there will be a strong break to the upside if the uptrend continues towards the neckline. However, a right shoulder breakout could destroy the pattern. However, Justin thinks the consolidation is healthy so far, which could bring the price of VeChain (VET) down to $ 0.35.
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VeChain Justin wrote a diagram to illustrate this and tweeted, “VET. Possible inverse H&S pattern formation on the 1H. Looking for a continuation of the uptrend to the neckline for a strong break to the upside. A breakout of the right shoulder invalidates the pattern. Find support on 120MA @ 0.2130. Consolidation healthy so far, soon $ 0.35. “
Moments later, Justin updated his VET pricing analysis in the same thread of tweets. He wrote:
“Continuing the uptrend is ideal, but if the pattern goes invalid then that’s fine as consolidation is healthy and necessary. Especially after such a parabolic movement of less than 20 years. Line added to the diagram. See below. ATH coincides with the eruption of the cutting. “
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After a few hours, Justin came back with another update, stating that the current price action was likely to invalidate the head and create patterns, but a bigger right shoulder should get the pattern going again. However, Justin believes the clipping is still in line with VeChain (VET )’s drive to hit a new all-time high.
Update. Price action invalid H&S pattern unless RS is larger (2nd pic). Right now it broke out of the right shoulder and 120MA caught the dip near 0.2130. Best entry in the meantime. Very strong jump upwards. ATH still matches the section. As long as it goes, happy !! “
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The price for VeChain (VET) in the market is currently in a new upward trend. At the time of filing this report, VET is trading at $ 0.2468, with the price increasing 4.43% in the past 24 hours.
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