$VET Identifying a VET Bullish W Pattern
A bullish "W" pattern, or double bottom, on VeChain's (VET) chart is a significant reversal formation that signals a potential shift from a downtrend to a new bullish advance.
This pattern forms when VET's price establishes two distinct lows at a similar support level, separated by a moderate peak that defines the resistance neckline. The second low often occurs on lower volume, indicating selling exhaustion.
The reversal is confirmed by a decisive breakout above the neckline resistance. This breakout should be supported by a clear increase in trading volume and projects an upward move with a minimum target equal to the pattern's depth.
Ultimately, this pattern suggests VET has built a powerful base, with buyers overcoming previous selling pressure to establish a new uptrend.$PIPPIN $POWER
