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VeChain remains bullish in the short-term, with the cryptocurrency trading at its highest level since November 2018
The four-hour time frame shows that bulls have invalidated a bearish head and shoulders pattern and subsequently triggered a bullish inverted head and shoulders pattern
The medium-term outlook is improving, with a bullish breakout from a triangle pattern gathering pace
VeChain / USD Short-term price analysis
In the short-term, VeChain / USD remains bullish with the cryptocurrency now trading at its highest trading level since late November 2018.
The latest rally in the cryptocurrency has invalidated a bearish head and shoulders pattern and triggered a bullish inverted head and shoulders pattern on the four-hour time frame. The projected upside target of the bullish pattern would take the VET / USD pair towards the November 15th trading low.
Technical indicators are bullish on the four-hour time frame and continue to signal further gains for the VET / USD pair.
VET / USD H4 Chart (Source: TradingView)
Pattern Watch
Traders should continue to monitor the bullish breakout above the neckline inverted head and shoulders pattern on the four-hour time frame.
MACD Indicator
The MACD indicator on the four-hour time frame is currently generating a strong bullish signal.
Relative Strength Index
The RSI indicator on the four-hour time frame is also bullish, although it has moved into overbought territory.
Fundamental Analysis
The short term price move can be attributed to the upcoming VeChain Summit hosted by the VeChain Foundation in San Francisco on April 18, 2019. Investors are expecting some positive announcements from the project, since the summit will be hosting many developers, VCs and large companies such as BMW and DNV GL.
VeChain / USD Medium-term price analysis
In the medium-term, VeChain has an improved bullish outlook, with the cryptocurrency continuing to build bullish trading momentum following its technical breakout from a symmetrical triangle pattern on the daily time.
The bullish breakout is significant, as the VET / USD pair had been trapped inside the pattern since the start of 2019. It seems increasingly likely that buyers will try to move the price towards the cryptocurrency’s trend defining 200-day moving average if the move higher gathers pace across the daily time frame.
VET / USD Daily Chart (Source: TradingView)
Pattern Watch
The size of the triangle pattern on the daily time frame also suggests that the bullish upside breakout could extend towards the November 15th, 2018 trading low.
MACD Indicator
The MACD indicator is generating a strong buy signal on the daily time frame, with both the signal line and the histogram rising.
Relative Strength Indicator
The RSI indicator on the daily time frame is bullish, although it has moved into overbought territory.
Fundamental Analysis
In the medium term, VeChain will most likely continue to grow. The company is closely working with many large enterprises, which should boost the adoption of its network in 2019.
A deep analysis on VeChain is available in our latest DARE report.
Conclusion
The outlook for VeChain over both the short and medium-term continues to improve, with the cryptocurrency moving to a fresh multi-month trading high.
The invalidation of the bearish head and shoulders pattern and the triggering of the bullish inverted head and shoulders on the four-hour time frame suggest short-term bulls have firm control of the pair.
Furthermore, the bullish triangle breakout continues to gather pace on the daily time frame. Upside targets for the VET / USD pair are currently found at the November 15th trading low and the cryptocurrency’s 200-day moving average.
For a refresher course on the project check out our coin guide for VeChain here.
VeChain Chart
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