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VeChain: CRITICAL Levels In This VET PUMP!

VeChain: CRITICAL Levels In This VET PUMP!
VeChain: CRITICAL Levels In This VET PUMP!

VeChain has experienced a significant price surge, breaking out of its previously monitored range on the 1-hour timeframe and hitting the long-awaited target of 2.5 cents. This move coincides with the filling out of a historical fair value gap from April 2023 on the one-day timeframe.

Analyzing the Price Action

The price action suggests a potential overlap move to the upside, with a five-wave structure being observed. While the target of 2.5 cents has been achieved, the 4-hour timeframe’s stochastic position still indicates room for further upward movement.

Technical Analysis and Trend Lines

A technical analysis of the price movement includes the consideration of trend lines and the potential formation of an expanding diagonal pattern. This pattern suggests that the price is likely to continue its upward trajectory before encountering a corrective pullback.

Daily Timeframe and Overbought Conditions

On the daily timeframe, the filling of the fair value gap from April 2023 and the overbought conditions of the weekly and daily stochastic positions indicate the likelihood of a corrective move to the downside. Possible targets for this correction include the 50 EMA, 50 EMA in green, and 200 EMA.

Short-Term and Long-Term Outlook

Despite the bullish sentiment, JB remains cautious about the overbought conditions and predicts a correction in the short term. Short-term resistance levels are identified at 2.66 and 2.93 cents. However, JB maintains a bullish long-term view on VeChain, emphasizing its real-world utility and its potential to outperform other cryptocurrencies during the next bull market.

Trade Safely and Seize Opportunities

JB concludes by encouraging viewers to trade safely and to be mindful of potential market pullbacks as they present opportunities to accumulate VeChain at lower prices.

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