Vechain price stuck in a no-trade area while momentum continues building for a 25% breakout
- Vechain price is contained inside an ascending triangle pattern on the 12-hour chart.
- The pattern continues tightening closer to a breakout or breakdown.
After hitting a high of $0.0188 on November 25, Vechain has been stuck trading sideways, consolidating. Despite the recent bullish momentum of the cryptocurrency market, Vechain price still awaits a clear breakout or breakdown.
Vechain price is poised for a massive 25% move
Vechain price is currently trading at $0.0169 inside an ascending triangle pattern 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 bulls to remain in control.
VET/USD 12-hour chart
A rebound from the 50-SMA at $0.0162 can easily push Vechain price towards the upper trendline of the pattern at $0.018. A further breakout above this point would finally drive the digital asset towards a high of $0.0225, a 25% move.
However, the failure to hold on to the 50-SMA would be a clear bearish sign and likely to push Vechain towards the lower boundary of the pattern at $0.0157. A breakdown below this point will force the digital asset to a low of $0.012.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
