In a recent video, JB from Cheeky Crypto discusses VeChain’s recent price action and potential future moves. He analyzes VeChain paired with USDT on the one-day and one-week time frames.
Recent Price Movements
VeChain has experienced both downside and upside moves recently, with a significant drop followed by a substantial uptick. The previous analysis targeted a retracement area between 1.74 and 1.822, representing a 50% to 80% retracement of the previous downside move.
Potential Future Moves
The recent move to 1.773 encountered rejection, and there are signs of a potential further downside push. The analysis includes discussions about corrective patterns, Fibonacci retracement levels, fair value gaps, and potential trading strategies.
The short-term analysis suggests a potential retracement between 1.722 and 1.761 before a possible push higher.
On the one-day chart, VeChain faces resistance and a potential move to the downside, targeting levels between 1.566 and 1.520.
A bearish scenario is outlined for the one-week chart, targeting a move to 1.065 to 0.811, with key Fibonacci levels mentioned.
The video concludes by encouraging viewers to trade safely, make informed decisions, and stay updated on VeChain’s developments.