VeChain (VET) has been moving sideways in the daily chart while major cryptocurrencies bleed out in the lower and higher timeframes. In the weekly and monthly chart, VET has an impressive 11.4% and 140% respectively trending opposite to the general market sentiment.
VET moving sideways in the daily chart. Source: VETUSDT Tradingview
Anonymous trader VeChain Justin shared the chart below via Twitter to show VET is on a bullish trajectory. According to the trader, VET formed an Inverse head and shoulders (H&S) pattern on lower timeframes. Usually an indication of a bearish-to-bullish reversal, this pattern was invalidated but later form an ascending triangle pattern. The trader said the following:
On Step 5 (shown in the chart), need bounce from support to breakout and continue trend. #VeChain trading tightening. This is exciting.
Source: VeChain Justin
An ascending triangle pattern points to a likely break out in the price action. With resistance at $0.27 and support across the low and mid-range