Hi friends, hope you are well and welcome to the new update on Vechain.
In my previous article, I said that the VET has completed the bullish setup for the breakout and I was expecting up to a 60% rally. Finally, the pricelline of VET broke out the resistance of wedge and rallied more than 74%.
Previous idea of the falling wedge before breakout:
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The previous idea of falling wedge after breakout and 74% rally:
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Different support and resistance levels:
After the breakout the price action of Vechain also broke out the $0.013, $0.015, and $0.018 and at the moment it is trying to breakout the next resistance at $0.021. In the meanwhile, the priceline of VET has also broken out the simple moving averages with the time period of 25, 50, 100 and 200 as well.
Exponential moving averages:
On the long-term weekly chart, the price action has also broken out the exponential moving averages with the time period of 10 and 21 and using them as support very well before starting the next rally to the upside.
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Ichimoku cloud:
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.
Priceline has broken out the resistance of new wedge:
On a small time period 4-hour chart, the price action of Vechain formed a falling wedge and now broken out the resistance therefore, it can make another attempt to break out the next price level resistance at $0.021.
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Conclusion:
After breakout from the new wedge, the price action can even breakout the $0.021 and can make a new high at $0.03.
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