VeChain (VET) Technical Analysis: Breaking a MAJOR 1,300-Day Resistance Pattern

Key Technical Developments

VeChain (VET) has demonstrated a significant technical breakthrough on its weekly chart against USDT, breaking out of a major triangular consolidation pattern that has been forming for approximately 1,323 days (189 bars).

Triangle Formation (2021-2024)

• A distinct triangular pattern formed with:A descending resistance line from the 2021 peak
  An ascending support line forming the bottom of the triangle
  Trading volume of 927.58B within this pattern
  
• Multiple significant tests of the upper resistance (marked by yellow arrows on the chart)
• The pattern spans approximately 3.6 years, making it a major long-term formation

Current Breakout

The price has successfully broken above the descending resistance line, which is particularly significant because:

• This resistance line has been respected since early 2021
• The breakout occurred with increasing volume

Current price: 0.05043 USDT (+9.42%)

Risk Management Considerations

Despite the bullish technical setup, investors should consider:

1. The need for continued volume confirmation of the breakout
2. Potential retest of the broken resistance level
3. Overall market correlation and conditions
4. Position sizing appropriate to the volatile nature of cryptocurrency markets

Conclusion

The break of this 1,323-day resistance level represents one of the most significant technical developments in VeChain's price history. While the technical projection suggests substantial upside potential, traders and investors should maintain appropriate risk management strategies and consider multiple timeframes in their analysis.