VET token price is forming a head and shoulder pattern in the 4-hour chart. 

VeChain is a blockchain-based <a href="https://www.cryptoknowmics.com/news/vechain-foundation-launches-1m-grant-program-to-build-its-nft-ecosystem/">company</a> that aims to disrupt the traditional supply chain model. This industry has remained relatively unchanged for decades before blockchain. Transparent technology allows for greater security, efficiency, and tracking of products within a supply chain. It also reduces costs through trustless automation.

VeChain's model appeals to companies looking to reduce supply chain friction, and provide a more transparent impression for clients.

Let us now look at the technical analysis of VET cryptocurrency.   
<h2>Past Performance of VET</h2>
On 27th September, VET coin <a href="https://www.cryptoknowmics.com/news/vet-technical-analysis-forming-a-very-crucial-narrow-range-can-test-the-crucial-support-level-at-0-0835/">price</a> found demand near the $0.0.08 resistance mark. Thus, resulting in a price jump of more than 15% in the next few days. However, the supply zone near the $0.115 resistance mark results in the formation of a head and shoulder pattern. 

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/t/tnieG7iU.png" alt="TradingView Chart" />

Source - <a href="https://www.tradingview.com/x/tnieG7iU/">Tradingview</a>
<h2>VET Technical Analysis</h2>
At the time of writing, VeChain cryptocurrency is at $0.1073%. Additionally, it has experienced a fall of 3.73% in the past 24 hours. In addition, the intraday trading volume of the coin fell by 18%, indicating a fall in the number of sellers.

The price action indicates a head and shoulder pattern in the 4-hour chart. The price may find support near the $0.105 or $0.080 support level. On the flip side, the bullish reversal may find opposition at $0.115 and $0.126.

VET crypto trades above all the crucial Exponential Moving Averages in the 4-hour chart. Moreover, the rising 50 and 200 days EMA can give rise to a golden crossover shortly. However, the bearish fallout run can reverse the crossover possibility.

The MACD and signal lines are slightly above the zero mark on the daily chart. However, the rising bearish histograms lead to a bearish crossover. Thus, generating a sell signal.

The RSI slope moves slightly above the central line in the 4-hour chart. In addition, the slope shows some reversal from the 50% mark. 
<h2>Upcoming Trend</h2>
Vechain Token's technical analysis indicates that the VET Token is at a very crucial stage. The breakout of either side will set the upcoming trend.

Furthermore, the head and shoulder pattern and the bearish crossover in the MACD indicator generate strong selling indications.

VET Technical Analysis: Price Forms Bearish Pattern

As per the technical analysis, VET token price is forming a head and shoulder pattern in the 4-hour chart. 

Vikram is a technical analyst with several years of experience in the crypto market &amp; Indian Equity and F&amp;O Segment. He loves to learn anything and everything related to finance. He possesses strong technical and analytical skills, which he leverages to acquaint our audience with upcoming price trends for different coins.

VET Technical Analysis: Price Forms Bearish Pattern

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