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Cheeky Crypto: VeChain (VET) Partnership and Price Action Analysis

VeChain: CAN VET PUMP AGAIN?
VeChain: CAN VET PUMP AGAIN?

Introduction

In a recent video, Cheeky Crypto host JB welcomed viewers back and announced a special partnership with VeChain for a T-shirt related to Dave Luke’s retirement fight in Cambodia. The T-shirt is exclusively on the blockchain, limited to 200 pieces, and available on lukshop.com.

Price Action Analysis

JB discussed VeChain’s recent price action, which has been extremely volatile in the past few days. He analyzed the one-hour, one-day, and one-week time frames and concluded that the technical analysis suggests a bullish stance with some pullback.

On the one-hour chart, the stochastic indicator showed a quick reset from oversold conditions. JB believes this is a sign that VeChain is ready to move higher. However, he also noted that the market is currently stuck in a range between 2.35 and 2.45. If VeChain can break above 2.45, JB expects a move to the upside with a target between 2.37 and 2.48 for the fifth wave.

The four-hour chart also shows potential for a reset and a push to the upside. JB expects a move down to 2.10 to 2.47 before the next push upward.

Long-Term Target

JB’s long-term target for VeChain is 2.50 cents. However, he also noted that the daily and weekly charts indicate potential overbought conditions, suggesting a correction. Despite short-term bullish moves, JB remains bearish in the longer term, targeting a move down to 1 cent.

Market Sentiment

JB acknowledged that he may be perceived as a perpetual bear, but he emphasized that he is simply sharing his opinions based on chart analysis. He encouraged viewers to share their thoughts on VeChain’s future in the comments.

Closing and Call to Action

JB asked viewers to like, subscribe, and hit the bell for channel support. He also urged safe trading practices with tight stop losses. He concluded the video with a friendly sign-off and wished viewers a fantastic weekend.

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