In a recent cryptocurrency video, JB delves into the price action and technical indicators of VeChain (VET), suggesting a potential 15% pump in the near term. The video provides a comprehensive overview of VET’s current market position and explores the possibility of significant upside movement.
VeChain Price Analysis: Navigating the Pullback and Anticipating the Rebound
Focusing on a 1-hour chart from Binance, JB examines VET’s recent price action and highlights the pullback that has occurred after a previous upward move, emphasizing resistance levels and the potential for a corrective structure.
JB mentions the possibility of a double top scenario, which is considered a bearish pattern. JB also identifys key Fibonacci levels for potential retracement.
Despite the pullback, the overall structure of VET’s price action suggests a bullish trend. JB targets a range of 2.39 to 2.534 for the fifth wave move.
Daily Chart Analysis: Bullish Momentum and Positive Indicators
Shifting to the daily chart, JB reveals a bullish outlook with a change of character. JB anticipates further upward movement based on the bullish momentum and notes potential resistance at the 50 EMA.
Positive indicators such as daily stochastic and money flow reinforce the bullish sentiment, suggesting a strong move to the upside.
Weekly Chart and Long-Term Outlook: Addressing Potential Corrections and Maintaining Optimism
The weekly chart presents a slightly different picture, with VET struggling with the 50 EMA. JB suggests a potential correction toward the 0.702 Fibonacci level.
Despite this potential correction, JB remains optimistic about VET’s long-term potential. JB cites a previous bull market mimicking pattern and the possibility of a $1 VET in the future.
Emphasizing the potential for substantial returns, JB suggest a 100x potential for investments in the long run.
Conclusion: Embracing Safe Trading and Anticipating VeChain’s Future
The video concludes with a call to action, encouraging viewers to like, subscribe, and tap the bell for future updates. JB advocates for safe trading practices, tight stop losses, and making gains in the cryptocurrency space.
JB expresses excitement about VeChain’s future and the anticipation of its performance in the next bull market.