Cheeky Crypto’s Nick delves into VeChain’s price action across multiple timeframes.
Hourly Chart: Bullish Breakout
VeChain (VET) has shown signs of bullish momentum on the hourly chart, breaking out of a bearish movement. This breakout is characterized by a truncated C-wave, indicating a new directional trend move to the upside. The breakout was confirmed when VET moved above the 1.1848 level. This upward movement is part of a larger three-wave correction, with further potential gains. The expected target for this bullish move is in the 2-cent range, with the possibility of a triple zigzag pattern forming.
Daily Chart: Bearish Structure
Despite the hourly chart’s bullish breakout, the daily chart paints a different picture. VET remains within a bearish structure, facing rejection at the 200 daily EMA. A breakout on the daily timeframe would require a move above 2.26. However, expectations are for VET to return to the range between 1.12 and 1.54, with a potential double bottom forming around 1.318.
Weekly Chart: Mixed Signals
On the weekly chart, VET remains below the 50 SMMA, 50 EMA, and 200 EMA. The target for the b-wave highs is around 2.12 cents. However, a more bearish scenario could lead to a retest of the 1.3s or even the 1-cent range.
Conclusion: Potential and Caution
Nick believes that VET may still see further downside unless breakouts occur on the daily and weekly charts. However, he suggests that the current price could present an opportunity for those who haven’t already invested in VET.
