Vechain value remained caught in a no-trade zone as momentum continues to construct for a 25% breakout

  • Vechain price is contained in an ascending triangle pattern on the 12-hour chart.
  • The pattern continues to contract closer to a breakout or breakdown.

After hitting a high of $ 0.0188 on Nov. 25, Vechain was stuck trading sideways and consolidating. Despite the recent uptick in the cryptocurrency market, Vechain price is still waiting for a significant breakout or collapse.

Vechain price is facing a massive 25% move

Vechain price is currently trading at $ 0.0169 within an ascending triangle on the 12-hour chart. The digital asset is right in the middle of the pattern and needs to hold the 50 SMA for the cops to be in control.

12-hour Vocational Education / USD chart

A rebound from the 50 SMA at $ 0.0162 may push Vechain price slightly towards the upper trendline of the pattern at $ 0.018. Another breakout above this point would eventually propel the digital asset towards a high of $ 0.0225, a 25% move.

Failure to hold on to the 50 SMA would be a clear bearish sign, however, and would likely push Vechain towards the lower bound of the pattern at $ 0.0157. A breakdown below this point will force the digital asset to hit a low of $ 0.012.

Get the 5 Most Predictable Currency Pairs

Comments are closed.