By Solomon Odunayo
VeChain (VET), the 13th largest cryptocurrency by market capitalization, is seen by the majority of the members of the crypto community as the most undervalued digital currency.
Since this priceless acknowledgment, VeChain (VET) has been surging to occupy its position among the largest cryptocurrencies. The acknowledgment can be attributed to VeChain’s success as an enterprise blockchain platform.
VeChain Has Formed Inverse Head and Shoulder Pattern
A couple of hours ago, a pseudonymous crypto analyst and trader, who is a VeChain enthusiast, took to Twitter to share his opinion regarding the price trend of the native token of the leading enterprise blockchain platform, VET.
According to the analyst identified on Twitter as “VeChain Justin”, VET has formed an inverse head and shoulder pattern. He said there will be a strong break to the upside if there is a continuation of the uptrend to the neckline. But a break out of the right shoulder could nullify the pattern. However, Justin thinks that the consolidation is healthy so far, which could send the price of VeChain (VET) to $0.35 area.
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Captioning a chart for illustration, VeChain Justin tweeted, “VET. Possible inverse H&S pattern forming on the 1H. Looking for uptrend continuation to neckline for strong break to the upside. A break out of right shoulder invalidates pattern. Find support on 120MA @ 0.2130. Healthy consolidation so far, $0.35 soon.”
Moments later, Justin updated his VET price analysis in the same thread of tweets. He wrote:
“Uptrend continuation ideal but if it invalidates pattern, that’s okay because consolidation is healthy and needed. Especially after such a parabolic move from sub 20s. Added line to chart. See below. ATH coincides with neckline breakout.”
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After a few hours, Justin came back with another update, stating that the current price action is likely invalidating the head and should pattern, but a bigger right shoulder should get the pattern back on track. However, Justin believes that the neckline is still in line with the quest of VeChain (VET) to record a new all-time high.
“Update. Price action invalidated H&S pattern unless RS is bigger (2nd image). For now, it broke out of right shoulder and 120MA caught the dip near 0.2130. Best entry in the interim. Very strong bounce to the upside. ATH still aligns with neckline. As long as it goes up, happy!!”
Meanwhile, the price of VeChain (VET) in the market is currently embarking on a fresh upside trend. At the time of filing this report, VET is trading at $0.2468, with a 4.43% price uptrend in the last 24 hours.
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