Enterprise blockchain project VeChain’s VET token appears to be gearing up for a massive breakout, according to crypto trader World of Charts. VET looks poised for a decisive move after coiling in a symmetrical triangle consolidation pattern.
As highlighted, VET is pressing up against crucial long-term trendline resistance after establishing higher support lows in the pattern:
“vechain Vet Seems Like Now #Vet Is Ready For Massive Breakout Moving In Symmetrical Triangle Formed New Higher Low And Preparing For Another Higher High Incase Of Major Multi Year Trend Line Resistance Breakout”
The repeated tests of this key barrier, combined with the triangle apex convergence, mean volatility is likely to emerge soon. An upside breakout could pave the way for a robust surge back towards highs around $0.20.
This aligns with analysis from altFINS noting VET’s developing falling wedge formation, another constructive consolidation pattern that tends to resolve bullishly.
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Show more +Still, until the breakout and resistance give way, risks remain tilted to the downside. Only a move above $0.034 would officially change VET’s posture to bullish. Otherwise, weakening momentum could lead to one final capitulation leg below $0.20 before accumulation resumes.
But the repeated pressure being applied against resistance means VeChain looks poised for a significant directional stride. The coming sessions should provide traders with meaningful resolution if VET has enough momentum for a breakout or if a more ranging chop persists until the next attempt.
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