VeChain (VET) has experienced a significant price rally since its recent listing on Coinbase, one of the largest cryptocurrency exchanges in the world. The price of VET surged over 26% in the days following the listing, and the coin has continued to perform well since then.
In a recent video analysis, popular crypto trader Nick discusses the recent price action of VET and identifies potential patterns and price levels to watch.
One-Hour Timeframe
On the one-hour timeframe, Nick identifies a potential cup and handle pattern. This is a bullish pattern that could signal further upside potential for VET.
Daily Timeframe
On the daily timeframe, Nick mentions that the market sentiment is bearish. This is likely due to the overall bearish sentiment in the cryptocurrency market as a whole. However, Nick also notes that there is the possibility of further downside for VET.
Weekly Timeframe
On the weekly timeframe, Nick suggests potential support levels and resistance areas to watch. He believes that VET could find support at the $0.014 and $0.013 levels. Resistance areas to watch include the $0.016 and $0.018 levels.
Overall Outlook
Nick’s overall outlook for VET is mixed. He believes that there is potential for further upside in the short term, but he also cautions that there is the possibility of further downside. He encourages traders to watch the potential patterns and price levels he has identified on the one-hour, daily, and weekly timeframes.
Conclusion
It is important to note that this analysis is based on technical indicators and should not be considered financial advice. Investors should always do their own research before making any investment decisions.
